UAE’s Dunes Financial Acquires Be Mobile Africa’s Tech Assets

UAE-based startup Dunes Financial has signed a memorandum of understanding (MOU) to acquire a significant stake in Canada-based Be Mobile Africa. 

The deal which is set to be finalized by the end of Q2 2024 for an undisclosed amount, signifies Dunes’ emergence from stealth mode as it prepares to launch a new platform integrating cryptocurrency and traditional banking services. 

With this acquisition, the startup will leverage Be Mobile Africa’s banking and cryptocurrency technologies, including its solutions for crypto and fiat transaction settlements.

Speaking on the acquisition of Be Mobile Africa Tech Assets, a spokesperson at Dunes said,

“The acquisition aligns with our vision of creating a bridge between crypto and fiat, opening up new possibilities for regulated entities and individuals”.

Be Mobile Africa is an all-in-one money app leveraging AI and blockchain tech to deliver financial services to the African market, offering features such as instant international money transfers, payments, and multi-currency accounts.

Dr Cédric Jeannot, co-founder and CEO of Be Mobile Africa, states that the firm’s “sale of non-financial assets injects vital financial resources into Be Mobile Africa”.

“These resources will be used to double down on key African markets, in line with the company’s mission of banking the unbanked and underbanked in Africa”, he added.

Be Mobile Africa is one of a host of fintechs looking to provide financial services to the continent, with recent activities including French telecommunications operator Orange launching its new Max it app, as well as UAE-based start-up Flow48 announcing its planned expansion to South Africa.

The startup is on a mission to lift 100 million people out of poverty through financial inclusion. Also, it gives the unbanked access to financial tools to help them safely and easily save, borrow, and exchange money.