Paynear continues to expand footprint with GoSwiff buy

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fintech insurtech wealthtech regtech ai cybertech esg news

Indian payment solutions provider Paynear has purchased Singapore-based mobile commerce firm GoSwiff for an undisclosed amount.

The valuation of the deal has not been officially revealed, but the price is reported to be $100m according to the Economic Times. However, Paynear CEO and founder Prabhu Ra did not respond to a request for comment.

Established in 2013, Paynear enables merchants, ISOs and banks to accept payments through POS/mPOS devices, app-based or any new-age payment solutions. Its flagship payments solution encompasses multiple forms of digital payments either in-store, home-delivery or by accepting debit/credit cards, net banking, bill payments, e-wallets, UPI, EMI, rewards and loyalty points.

The company said the acquisition positions itself as the ‘global player in the high-growth FinTech sector’ and pushes it ‘way ahead of its competition in India’.

Throught the purchase Paynear now has a footprint in over 16 countries across Asia, Europe, Africa and the Middle East, apart from its India business. Those include Singapore, Malaysia, Philippines, Thailand, Indonesia, India;, Georgia, Kazakhstan, Romania, Russia, Ghana, and UAE. In 2015, Paynear raised $2.5m in pre-Series A funding from serial investor Mitesh Majithia.

Founded in 2010, Singapore-based GoSwiff provides its mobile payment platform to more than 20 banks and financial institutions in 16 countries. It list of clients include ING Bank, Bank of Ayudhya, Indosat/Ooredoo, TBC Bank, Globe Telecom, IPay88, DBS, Priorbank, Ghana Commercial Bank, Mashreq Bank, KazKom Bank, BDO and UniCred.

In India’s payment sector, Ezetap recently secured $16m after closing its latest financing round. Backers in the round included JS Capital Management, Social Capital and Horizons Ventures.

Back in June, Mumbai-based Mswipe Technologies reportedly completed its Series D investment round on $31m, with RNT Associates and the University of California as lead investors.

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