Jan 18: The Bangalore-based payments start up iKaaz has been bought out by South East Asian ride hailing company Grab. The takeover comes as a follow up to Grab’s ambitions to add more muscle to its payments platform.
iKaaz’s mobile payments platform boasts rich functionality features, and that is what has lured Grab to rush towards pocketing it. Grab believes that the experienced leadership team at iKaaz would aid the development of features as well as partner integration of its own payments platform GrabPay.
The financial details of the deal hasn’t yet been made public. Grab, which is a competitor to US based platforms like Uber, is pesent in the markets of Singapore, Indonesia, the Philippines, Malaysia, Thailand, Vietnam, Myanmar and Cambodia.
With more than 3.5 million transactions being facilitated daily over a billion transactions annually, Grab sees a bright future in the payments domain going forward. The acquisition of iKaaz, a four-year-old player that has made its mark in terrains such as NFC, QR-code, audio-based payments as well as bill payments, online payments and peer-to-peer, is expected to power Grab’s development plans of the future.
As per reports, Garb believes that the flexibility and scalability that iKaaz offers can ideally suit the Southeast Asia’s diverse payments landscape. The acquisition has made the iKaaz team part of the Grab R&D centre in Bengaluru. Garb has six such centres globally.