U.K.-based private equity asset manager Apis Partners LLP purchased a majority stake in third-party payments enabler Tutuka Software from Paycorp Group (Pty) Ltd.
The financial terms of the deal were not disclosed.
Tutuka allows fintechs, mobile wallets, applications and banks across emerging markets to easily issue payment products, such as physical or virtual card linked to the values in their customers' wallets or accounts.
Tutuka noted that it will work with Apis Partners to expand clients and financial inclusion across Africa, the Middle East, Southeast Asia and Latin America.
