Oct 11: Paynear Solutions, a leading transaction processing company, has acquired GoSwiff International Pvt Ltd, a Singapore-based global financial solutions provider. With this acquisition, Paynear has become one of the largest payment solution platforms from India with its footprints in16 countries across Asia, Europe, Africa and Middle East, apart from its India business, the company said.
According to Prabhu Ram, Group CEO & Managing Director, Paynear is at a point of inflection with our international ambitions taking shape. “With our core competencyin building secure, simple and scalable payment solutionswe have established ourselves as a formidable player in the Indian payment ecosystem and our goal is to replicate our success in the global market. GoSwiff provides an exciting opportunity to develop businesses in these markets instantlywith its strong connect with all major banks in Southeast Asia, CIS, Middle East and Eastern Europe. Other than this, the devices deployed are pre-certified,which also gives us an instant go-to-market advantage,” he said.
Commenting on the acquisition, Mark Patrick, CEO GoSwiff International said, “the acquisition of GoSwiff by Paynear provides our portfolio of leading financial institutions around the globe with enhanced products and services to support their rapidly developing digital payment strategies. India has become a leader in digital payments and Paynear’s innovation and experience in India will be of great value to our clients as they look to replicate the growth of digital payments in their respective markets”.
Established in 2013, Paynear Solutions Pvt Ltd offers an omni-channel payment solutions platform through a single application.Prabhu had earlier co-foundedEBS (E-Billing Solutions), India’s 2nd largest payment gateway, which was later acquired by French payments giant Ingenico. Apart from RBL Bank, HDFC Bank and Axis Bank, Paynear has partnered with 20 other banks in Indiaas its transaction processing partners. This acquisition positions Paynear firmly as a global player in the high growth fintech sector pushing the company way ahead of its competitors in the Indian market.
With its technology platform, Paynear is uniquely poised to reap benefits from the digitalisation wave sweeping the emerging markets that Goswiff had established itself in. The acquisition has enabled the consolidated group todeployed more than 200,000 devices and provides solutions to more than 30 banks globally. Post the acquisition of Goswiff, Paynear plans to replicate the efficiencies of India business’ for its global business as well.CONSARK was the financial advisor and Colin NG & Partners was the legal advisor on the transaction.