EXCLUSIVE: Kenya’s Cloud9 acquires Chpter less than a year after founders left
Cloud9, a Kenyan startup that offers digital banking services for businesses, has acquired social commerce platform Chpter in an all-stock deal.
Kenyan fintech startup Cloud9 has acquired social commerce platform Chpter in an all-stock deal, less than a year after the founders left to start Cloud9. The deal marks Cloud9's second acquisition in three months, following its purchase of ticketing platform M-Tickets in May. Cloud9's CEO, Tesh Mbaabu, stated that the acquisition allows the company to build financial services around the places where people and businesses already transact, rather than treating banking as a standalone activity. The transaction was completed entirely in stock after about four months of negotiations.
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