MarTech firm Mitgo Group has announced it is launching a new business division – fintech services for affiliate publishers.
According to conservative estimates, affiliate marketing spend reached $14.4 billion in 2023 and will exceed $15.7 billion this year. Mitgo said it plans to become a channel for more than 7% of that transaction volume in the next three years, equivalent to more than $1.5 billion given the sector’s growth.
As part of those plans it has now acquired a UAE-based embedded finance platform. The ‘Embedded’ platform will include a set of solutions from the field of embedded finance with a focus on enabling the underbanked audiences in MENA, APAC and LATAM regions to withdraw their earnings instantly instead of the standard waiting period of 60-120 days
Access to obtaining loans and other lines of financing will be one of the key focal points for publishers, Mitgo Grooup said. The embedded finance solutions have also been designed to allow banks and fintechs expand niche products in areas that were previously considered too expensive and risky for them to enter.
“On top of other viable opportunities, our future partners from the financial industry will get both an excellent test site on the basis of a new market and a vast system of distribution of financial products among the audience of publishers: cashback-services, media buyers, loyalty programmes, BNPL services and many others,” Alexander Bachmann, founder and CEO of Mitgo Group said.
The new business direction will be led by Oleg Chanchikov, CEO and founder of Embedded.
“Embedded finance solutions help the market to grow not just from the top-down approach when a bank offers pre-defined products to the clients, but also from the bottom-up when the industries themselves use financial products to solve the needs and the problems in their core business,” he said.
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