Digital financial marketplace Pezesha has dropped its liquidation suit against B2B marketplace Marketforce, after the founders of the two companies agreed to settle the dispute out of court.
- •Pezesha filed the liquidation suit in August 2023, seeking the liquidation of MarketForce to settle outstanding debts.
- •MarketForce was already facing headwinds due to, among other things, unfulfilled capital commitments and the reduced investor appetite on the continent.
- •In a bid to survive, the B2B MarketForce scaled down operations to just two markets in late 2023.
Pezesha CEO and founder Hilda Moraa and MarketForce CEO and co-founder Tesha Mbaabu reached an agreement on the sidelines of the Harambe Global Summit at the Maasai Mara in March 2024. The week after their meeting, the two sides reached an agreement which includes MarketForce using some of its intangible assets that are of value to Pezesha to fully settle the debt.
“We decided, let’s do it for us. Let’s do it for our future. Let’s do it because we both need this reconciliation,” Pezesha CEO Hilda said, “One of the biggest lessons I’ve taken out of this is it’s really important as a company and as a fintech person to really make sure that your risk appetite is aligned and you can understand it as you evolve and grow.”
“Hilda is an entrepreneur who I admire and respect. She’s built a great business and more importantly I acknowledge her efforts to resolve our situation. I am sure it was not easy,” Tesh Mbaabu said, “There’s a profound African saying that goes: when your neighbor’s house is on fire, get a bucket of water because one day, it might be your house. During this tough season, and there will be more to come, strive to be the person who carries buckets of water, not gasoline.”
Ciku Kimeria is an author, journalist, communication and strategy specialist who is currently the Cultural Editor at Global Press Journal.
Read the full story about how Pezesha and MarketForce settled their dispute here.
