The acquisition would strengthen both the companies to deal rapidly moving payments sector.
Finablr, a global platform for Payments and Foreign Exchange solutions, has announced to acquire a leading digital payments & remittances service provider, TimesofMoney. The deal strengthens the leadership of Finablr’s network of companies within India’s fast-growing payments sector.
Founded in 2000, TimesofMoney caters to institutions and merchants through its diverse portfolio of solutions, such as white-labeled mobile payment platforms, payment gateways, and payment aggregation solutions. Some of the leading banks, payment service providers, and global financial institutions are the major clients of this New Mumbai Bases organization.
After the deal, Finablr’s global network of companies can leverage on TimesofMoney’s proprietary solutions, which are underpinned by a highly scalable infrastructure conforming to industry-leading best practices.
Promoth Manghat, Executive Director and CEO of Finablr, stated, “TimesofMoney has established itself as a category-leader in India’s digital payments sector, which continues to demonstrate robust growth buoyed by the popularisation of e-commerce and the digitization of the country’s economy. The acquisition of TimesofMoney represents a strategic move for us. The company’s technology, which many of the world’s leading organizations trust to process payments, will be integrated into the Finablr network, building on our portfolio of innovative technologies that help connect consumers and businesses, small or large, into the new economy.”
Digital payments: becoming a market trend in India
The elevating demand for access to digital payments and seamless payment processing is the trend across multiple geographies, including India. With strong support from the Government, digital payments have taken an increasingly important role in India’s cash dominant economy. Digital payments, including the adoption of mobile wallets and cards, have soared in India following the demonetization exercise in November 2016. As a result, TimesofMoney has witnessed a substantial increase in transaction volumes processed in the last year.
TimesofMoney would make its presence globally
As part of Finablr, TimesofMoney is well-positioned to accelerate its growth in India. Additionally, leveraging the global presence of the Finablr network will enable TimesofMoney to expand into new markets, transforming itself from a large domestic player into an international powerhouse operating in the vanguard of the digital payments industry.
Finablr’s network of companies includes a category of renowned brands, which together handled more than 150 million transactions in 2017. The network spans 160+ countries and, with its strategy of financial enablement and empowerment, touches over a billion lives through its digital channels, retail stores, and agent locations.
