Mitgo Group has unveiled plans for a groundbreaking venture into the fintech arena with the launch of a cutting-edge business division tailored specifically for affiliate publishers. The move comes as affiliate marketing expenditure surged to $14.4 billion in 2023, with projections indicating a further increase to over $15.7 billion this year. Mitgo aims to carve out a significant slice of this lucrative market, eyeing more than 7% of the transaction volume, a potential value exceeding $1.5 billion, within the next three years.

The inaugural step in this strategic endeavour involves the acquisition of a UAE-based embedded finance platform, Embedded. Renowned for its expertise in fintech, the Embedded team will seamlessly integrate into Mitgo’s operations, bolstering the technological infrastructure necessary to penetrate this new market segment.

The newly minted division will offer a suite of embedded finance solutions, empowering millions of publishers globally, particularly focusing on currently underserved demographics in the MENA, APAC, and LATAM regions. These solutions will enable publishers to instantly withdraw their earnings, eliminating the standard waiting period of 60-120 days prevalent in affiliate marketing. Additionally, they will gain access to loans, enjoy reduced transaction costs, minimized exchange commissions, expedited transaction speeds, and a host of other benefits.

Oleg Chanchikov, CEO and founder of Embedded, who will lead Mitgo’s foray into the fintech domain, expressed optimism about the collaboration: “The entire world, including global players in the financial market and international organizations such as the UN and World Bank, work to empower SMBs and make financial services more accessible for them. 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. I believe, together with Mitgo Group, we will not just change the way the MarTech industry uses financial products but introduce revolutionary solutions that will change the whole market.”

Mitgo’s extensive experience in affiliate marketing, spanning over 15 years and involving collaboration with more than 100,000 active partners, coupled with cutting-edge AI and machine learning algorithms, positions the company to accurately assess borrowers and build a low-risk yet highly profitable loan portfolio. This move promises to not only redefine the affiliate marketing landscape but also enable leaders in the financial sector to expand their customer base and niche product offerings in previously untapped markets.

“On top of other viable opportunities, our future partners from the financial industry will get both an excellent test site based on 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. With our help, they will be able to offer a suitable set of solutions to hundreds of millions of their users around the world”, states Alexander Bachmann, founder and CEO of Mitgo Group.

Mitgo’s ambitious venture into fintech represents a paradigm shift in the intersection of marketing technology and financial services, poised to unlock unprecedented opportunities for both the company and its partners in the financial industry.