Feb 8: Lulu Exchange Holdings, a leading financial services company, on Thursday announced that it will invest Rs 25 crore in tech startup ARKIN Technologies Ltd.
Through the collaboration, Lulu Exchange Holdings plans to offer a holistic suite of financial products and services in their cloud-banking, constituting a digital revolution in the financial services space.
“Lulu Exchange Holdings plans to take ARKIN’s expertise to offer everything from cloud banking, real-time remittances, bills payment and Prepaid MasterCard and VISA, tap payments, prepaid products, API banking and even chat applications to various markets in the region and worldwide. ARKIN’s platform is also armed with two-factor authentication and one of the highest encryptions in the world,” the company said in a statement.
“We are excited to announce this partnership with ARKIN Technologies LTD. We do not want to be seen as just investors putting in capital, but as partners with promising startups like ARKIN sharing our expertise and leveraging on mutual strengths to offercustomers simple and smart digital financial solutions,” said Adeeb Ahamed, Managing Director, Lulu Exchange Holdings.
Lulu Exchange is planning to move nearly 30% of its transactions on to the digital platform by 2020.
“Through this new partnership, the Abu Dhabi-based companies are on track for rapid growth, with planned go-lives in the UAE, Philippines, Hong Kong and Malaysia already pencilled in,” the company added.