Pesa Acquires UK-Based Authoripay to Fast-Track European Fintech Expansion

Cross-border fintech startup Pesa has completed the acquisition of UK-licensed e-money issuer Authoripay Emoney Ltd. The deal, finalized at the end of 2024, positions Pesa, formerly known as Pesapeer, to deepen its footprint across Europe as regulatory hurdles push fintechs toward acquisition-led market entry.

Launched in 2021 by Nigerian founders Tolu Osho, Yusuf Yakubu, and Adewale Afolabi, Pesa initially focused on enabling remittances from Canada to Nigeria. It has since scaled to serve customers in the U.S., Australia, and the U.K., processing over $380 million in transactions within two years.

“This acquisition is a strategic leap forward for us,” said Osho.

Authoripay, incorporated in 2019 and licensed by the UK’s Financial Conduct Authority (FCA) in 2021, brings a crucial asset: an Electronic Money Institution (EMI) license. This license allows Pesa to issue digital wallets, facilitate payments, and offer multi-currency prepaid and debit cards.

Through the acquisition, Pesa also inherits Authoripay’s Principal Membership with Mastercard, granting it the ability to issue and manage Mastercard-branded cards directly. The acquisition adds Authoripay’s $80 million in annual transaction volume to Pesa’s growing platform.

“With these licenses and Mastercard membership, we can now operate with the flexibility and scale of a global financial institution, while continuing to deliver superior remittance and payment products for our users.”

For emerging fintechs like Pesa, acquiring a licensed entity offers a faster route into the UK’s tightly regulated financial services space. Direct applications to the FCA have become increasingly unpredictable, often taking up to a year or more. As such, startups with growth mandates and investor backing often choose the acquisition route to avoid stagnation.