Mitgo Group will invest $20 million in its fintech arm Capy

Delhi: Mitgo Group, has made the first tranche of investment in its recently launched fintech business, Capy. This investment will be the initial step in a 20 million dollar investment package planned for the coming 3 years. The first investment tranche will go towards developing the initial version of the platform with a focus on early and accelerated payment solutions. 

Back in Q1 2024 Mitgo Group announced the launch of fintech services for publishers of the affiliate market - cashback-services, media buyers, loyalty programs, BNPL services and many others. The new direction was planned to be launched on the basis of the recently acquired finance platform Embedded. Since the acquisition, the business has been relaunched as Capy within Mitgo's global holding company.

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 investment in Capy is aimed at realizing this plan as soon as possible. The first solutions will be launched in the third quarter of 2024. 

Neha Kulwal, Managing Director at Mitgo, India and APAC, said, “The first version of the service will focus on early payout products, one of the biggest growth points in the affiliate industry right now. Despite substantial and ever-growing revenues publishers remain in the underbanked zone, as classic financial institutions lack the expertise to fairly score such customers and can’t offer them a proper variety of products. Financial institutions are missing out on billions of dollars in profits on this customer segment while publishers are unfairly limited in growth acceleration opportunities. Mitgo and Capy will be able to solve both problems through their solutions and mediator role.”