Mitgo Group acquired UAE finance platform “Embedded” to enter the financial services market — TradingView News

Mitgo Group acquired UAE finance platform “Embedded” to enter the financial services market — TradingView News

Dubai, UAE — MarTech giant Mitgo Group is launching a new cutting-edge business division – fintech services for affiliate publishers. According to conservative estimates, affiliate marketing spend reached $14.4 billion in 2023 and will exceed $15.7 billion this year. In the next three years, Mitgo plans to become a conduit for more than 7% of that transaction volume, which can be valued at more than $1.5 billion given the sector’s growth. The first step in this direction is the acquisition of UAE-based embedded finance platform Embedded, whose team has extensive experience in fintech and will complement Mitgo’s technology stack needed to enter a new market.The new division will include a set of solutions from the field of embedded finance. It will allow millions of publishers across the globe with a specific focus on currently underbanked audiences in MENA, APAC and LATAM regions to withdraw their earnings instantly instead of the standard waiting period of 60-120 days (that currently is a benchmark in affiliate marketing). They will also get access to loans, reduce transaction costs, reduce exchange commissions, improve transaction speed and get many other benefits. Last year, Mitgo Group has already successfully tested similar financial solutions within its businesses.Access to obtaining loans and other lines of financing will be one of the main advantages for publishers, as currently it is extremely difficult for them to open a credit line in standard financial organizations as the existing solutions on the financial market often don’t recognize specifics of publishers’ business. It causes a lack of availability of financial products for publishers, who’re mostly SMBs.Mitgo Group’s 15 years of experience in the affiliate marketing market while working with more than 100,000 active partners, as well as unique algorithms using AI and machine learning allow the company to accurately assess such borrowers and build a low-risk but very profitable loan portfolio from them. The embedded finance solutions allow leaders of the financial industry – major banks, payment systems, e-wallets and others – to expand their portfolio of customers and niche products in areas and countries which were previously too expensive and risky for them to enter.Mitgo Group’s new business direction will become a guide to the vast world of affiliate marketing for selected partners from the circle of largest fintech organizations. In the coming years, the company plans to establish cooperation with the leading players of this market – global payment schemes and the world’s largest financial institutions. With the help of the company’s experts, they will have access to previously undiscovered potential, including millions of users and tens of billions of dollars worth of transactions that previously passed under the radar of financial organizations.“On top of other viable opportunities, our future partners from the financial industry will get both an excellent test site on the basis of a new market and a vast system of distribution of financial products among the audience of publishers: cashback-services, media buyers, loyalty programmes, BNPL services and many others. With our help, they will be able to offer a suitable set of solutions to hundreds of millions of their users around the world”, states Alexander Bachmann, founder and CEO of Mitgo Group.The new business direction will be led by Oleg Chanchikov, CEO and founder of Embedded, which is going to be acquired by Mitgo. Oleg has more than 20 years of experience in the IT and financial markets. He previously held senior management positions at Visa and other major financial and IT organizations.“The entire world, including global players in the financial market and international organizations such as the UN and World Bank, work to empower SMBs and make financial services more accessible for them. Embedded finance solutions help the market to grow not just from the top-down approach when a bank offers pre-defined products to the clients, but also from the bottom-up when the industries themselves use financial products to solve the needs and the problems in their core business. I believe, together with Mitgo Group, we will not just change the way the MarTech industry uses financial products but introduce revolutionary solutions that will change the whole market”, – states Oleg.Send us your press releases to [email protected]© Press Release 2024Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. 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https://www.tradingview.com/news/reuters.com,2024-03-12:newsml_ZawbTnwbp:0-pressr-mitgo-group-acquired-uae-finance-platform-embedded-to-enter-the-financial-services-market/

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