DKK Partners, a FinTech company specializing in emerging markets and foreign exchange liquidity, has obtained a license from the Financial Market Surveillance Commission (Consumaf). This license, issued by the supervisory and regulatory authority for the financial market of the Economic and Monetary Community of Central Africa, paves the way for DKK Partners to further strengthen its financial services operations in Africa.
“The African market requires foreign currency liquidity to promote business opportunities and support banks or financial institutions offering financing opportunities for essential imports,” the fintech stated in a press release.
Africa has become a focal point for global companies seeking growth opportunities, and DKK Partners is no exception. By obtaining the Consumaf license, the company positions itself to effectively navigate future regulatory and licensing changes in the Central and West African regions.
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This development follows DKK Partners’ recent establishment of operations in Ghana, complementing its existing presence in Cameroon. This strategic expansion aims to serve as a hub for the burgeoning African market by providing essential foreign exchange and financial services, including virtual IBAN accounts. “These services enable clients to access new territories and currencies while enhancing liquidity in emerging markets (EM),” the press release noted.
“As DKK Partners expands into African markets, we understand the importance of ensuring that we are fully eligible to operate in financial markets, regardless of the regulatory framework. Acquiring the COSUMAF license ensures that we are protected against any future changes, allowing DKK to continue disrupting global markets with revolutionary technology in the years to come,” stated Khalid Talukder, co-founder of DKK Partners.
In many African countries, such as Cameroon, Côte d’Ivoire, and Ghana, a significant portion of goods is denominated in foreign currencies rather than the local currency, creating a substantial need for reliable foreign exchange services. DKK Partners aims to bridge this gap and, by obtaining the Consumaf license, further democratize access to financial services in the markets of West Central Africa.
“The African market needs support in foreign currency liquidity to advance business opportunities and support banks or financial institutions offering financing opportunities for essential imports,” said Sam Nti, Director of DKK Partners.
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Founded in 2020 by Dominic Duru and Khalid Talukder, DKK Partners has quickly established itself as a key player in the world of providing foreign exchange liquidity in emerging markets. With a turnover exceeding £100 million, the company leverages its deep expertise in foreign exchange and emerging markets to develop innovative strategies and methodologies that enable businesses to effectively manage exchange rate risk.
DKK Partners’ acquisition of the Consumaf license marks a significant step in its commitment to the African market. By obtaining this license, the company not only protects its operations against future regulatory changes but also positions itself as a crucial catalyst for financial growth and stability in the West Central Africa region.
In addition to this achievement, DKK Partners recently announced the successful completion of their pre-seed funding round, raising £3 million, surpassing their initial target by 33 percent. This milestone sets the stage for their Series B funding round scheduled for early 2024. The company’s oversubscribed status has solidified its pre-money valuation at approximately £100 million, underlining its remarkable revenue growth over the past 3.5 years and its rapid expansion since its inception in 2020. The funding will be used to further fuel expansion opportunities in the coming years.
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This news comes on the heels of DKK Partners’ expansion into East Africa, with the opening of new offices in Nairobi, Kenya, followed by Uganda and Tanzania. This expansion is supported by the successful acquisition of the CONSUMAF license, which will accelerate the company’s financial services operations across the African continent.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard