Beltone Holdings Acquires Fintech Baobab Group for €197.6M

Beltone Holding, through its wholly owned subsidiary Beltone Capital, has acquired 100% of Baobab Group in a €197.6 million transaction, completing the deal after securing all required regulatory approvals. The acquisition represents the largest in Beltone’s history and its first cross-border transaction, forming part of a broader strategy to build a pan-African investment platform.

The move expands Beltone’s presence into seven African markets — Senegal, Côte d’Ivoire, Madagascar, Burkina Faso, Mali, the Democratic Republic of Congo, and Nigeria — through Baobab’s operations in micro and small business finance. Baobab operates with a strong digital component, using intelligent credit decision systems to support lending.

As of the end of the third quarter of 2025, Baobab served approximately 1.6 million customers and managed a loan book of €848.8 million. Around 50% of its loans were disbursed through digital channels. Since its establishment more than 20 years ago, the company has issued nearly four million loans to small businesses, with cumulative financing volumes exceeding €9.2 billion.

Beltone stated that the transaction combines its operational and regional capabilities with Baobab’s local market presence and digital lending infrastructure. The companies indicated that the integration is expected to support access to finance, strengthen entrepreneurship and enable the development of technology-driven financial services across African markets.

The completion follows the signing of a strategic share purchase agreement on February 11th, after the receipt of all necessary regulatory approvals.