Kopo Kopo a fintech startup that offers business loans has appointed Dennis Ondeng as its new CEO. He has extensive experience including pioneering mobile money technology solutions, which positions him well to lead the company into its next phase of growth.
The company also named Chad Larson as chief financial officer (CFO), while Kibet Yegon will resume as chief technology officer (CTO). Rosemary Muyeshi was appointed chief risk officer (CRO)
“We are confident that this dynamic leadership team will further Kopo Kopo’s mission and continue to deliver solutions for businesses in Kenya,” Kopo Kopo said in a statement.
The leadership change comes 13 months after Kenya’s competition authority approved its proposed acquisition by Nigerian neobank Moniepoint Inc. Despite the leadership changes, Moniepoint indicated that the acquisition is still in progress.
The fintech claims it has been profitable since its $2.1 million Series B raise in 2015. The company says its valuation is in the “low tens of millions,” declining to share specific numbers. If completed, the acquisition would see Moniepoint expand to Kenya.
Kenya’s regulators scrutinise competition for transactions exceeding KES 1 billion ($7.7 million), suggesting that Moniepoint proposed acquisition of the fintech falls under its purview. The regulator approved the acquisition in August 2023.