UAE-based Indian billionaire BR Shetty's Finablr has announced the acquisition of TimesofMoney, a digital payments solutions provider, from Network International.
The transaction strengthens the leadership of Finablr’s network of companies within India’s fast-growing payments sector, the global platform for payments and foreign exchange solutions said in a statement.
TimesofMoney said it offers services including white-labelled mobile payment platforms, payment gateways and payment aggregation solutions and clients include some of the leading banks, payment service providers, and global financial institutions.
Promoth Manghat, executive director and CEO of Finablr, said: “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 digitisation 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 organisations 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.”
Demand for access to digital payments and seamless payment processing is growing rapidly across multiple geographies, and India is at the centre of this trend, he added.
Digital payments have taken an increasingly important role in India’s cash dominant economy and TimesofMoney said it has witnessed a substantial increase in transaction volumes processed in the last year.
Finablr’s network of companies handled more than 150 million transactions in 2017.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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