United Arab Emirates (UAE) based billionaire BR Shetty’s Finablr has acquired TimesofMoney, a digital payments solutions provider, from Network International.
This transaction will help in strengthening the leadership of Finablr’s network of companies in India’s fast-growing payments sector, the global platform for payments and foreign exchange solutions said in its official communiqué.
TimesofMoney offers a variety of services such as white-labeled mobile payment platforms, payment gateways and payment aggregation solutions. Its client base includes some of the leading lenders, payment service providers, and global financial institutions.
“TimesofMoney has established itself as a category-leader in India’s digital payments sector, which continues to demonstrate robust growth buoyed by the popularisation of e-commerce and the digitisation of the country’s economy. The acquisition of TimesofMoney represents a strategic move for us,” said Promoth Manghat, Executive Director and CEO of Finablr.
“The company’s technology, which many of the world’s leading organisations trust to process payments, will be integrated into the Finablr network, building on our portfolio of innovative technologies that help connect consumers and businesses, small or large, into the new economy,” he added.
“Demand for access to digital payments and seamless payment processing is growing rapidly across multiple geographies, and India is at the centre of this trend,” he added.
Finablr’s network of companies handled more than 150 million transactions in 2017.