The region’s first “dragon exit” was completed today by A15, which sold its 76 per cent stake in UAE-based Tpay Mobile. A dragon is an investment that returns the entire value of the fund when exited.

Tpay Mobile, a fintech company which provides direct carrier billing services (a form of mobile payment) was founded in 2014 and now operates across 16 countries with a userbase of 673 million. It has partnered with the likes of GooglePlay, MBC and Dubai Channels Network and claims to have an 80 per cent market share of the direct carrier billing sector in the Middle East.

Africa-based private investment firm Helios Investment Partners bought the 76 per cent stake for an undisclosed sum.

“This partnership [with Helios] will expedite Tpay’s strategic growth plans and we are on track to double our year-on-year revenue in 2019,” said Sahar Salama, co-founder and chief executive officer at Tpay.

The company plans to expand into new markets with a focus on Africa and Asia.

This is the second major exit for Cayman Islands-based A15 which sold its stake in Otlob, a regional online food delivery business to Rocket Internet in 2015.