Modern money movement platform Nium has entered a definitive agreement to acquire alternative payments network Socash.
Socash brings together financial institutions and digital commerce merchants into a thriving network that enables consumers to deposit, withdraw and make payments with cash from over 30,000 shops, stores and cafes.
According to Nium, the acquisition provides it with the team and technology to enable multiple forms of local payment acceptance for digital commerce, especially in emerging markets.
In addition, the acquisition of Socash allows Nium to accept cash for transactions online. Together, the two companies will become the ‘full-stack, platform-of-choice for global merchants with capabilities for local acceptance, multicurrency accounts, foreign exchange, and global payouts’.
The acquisition is anticipated to close in the third quarter of 2022.
Nium co-founder and COO Pratik Gandhi said, “The Socash team has built an impressive platform that bridges payments in the digital space with payouts in the physical world. When compared to current in-app payment costs, we estimate Socash saves up to 30 percent in commissions paid. With this acquisition, Nium can offer a lower-cost payment processing alternative for digital merchants, spanning local payment acceptance through to global payouts.”
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