DirecPay: Apis backs DPO in follow-on round

Africa-focused Apis Private Equity has once again invested in Direct Pay Online, the online payments processing firm it first backed in late 2016. The $5 million investment. which follows the $10 million investment made on behalf of Apis's $287 million Fund I in September last year, will further help the company execute its strategic growth plan. Additional terms of the deal were not disclosed. Over the past year, Direct Pay Online has finalized the acquisition of five companies - Pay Gate and VCS in South Africa, VCS in Namibia and Botswana, and PayThru in South Africa - and are in the final stages of acquiring an additional company which will be announced in the near future. In addition, the company has completed the first phase of integration between DPO and PayGate's systems, and rolled out a new version of its next generation payments application, DumaPay, which is the first mobile application in the world that supports payments by cards and mobile money in one app . "The additional capital from Apis is a sign of the confidence that our partners have in us, and is a positive reinforcement of the good work we are doing with the business," said DPO [...]