Mobileware Technologies, an API Banking and digital payments company, has raised investment to the tune of USD 4.75 million from Denmark’s Kvanto Payment Services to fund the development of advanced product features for their hosted API Banking Platform as well as other banking-tech products. With this, the company’s marketing and sales initiatives will also be expanded to increase its presence in the banking and payments sector in India and overseas.
“Our association with Kvanto happens at the right time when the digital payments industry in India is booming – it is expected to grow at a CAGR of 21.07% to reach US$71.561 trillion by 2025. In the pandemic, a lot more people opted for digital and touchless transactions, and the digitization of banking services under the Digital India campaign has further made it easier for people to access,” says Mobileware Technologies CEO Satyajit Kanekar. He further adds, “With Kvanto’s knowledge and experience in the digital payments space, we are sure to develop advanced products that will add value to the digital economy in India and overseas.”
“To support local requirements and to provide the Kvanto payment platform to banks across India, Kvanto selected Mobileware Technologies as a specialized partner to work with,” said Kvanto’s CEO, Jesper Skorstengaard. “Mobileware brings extensive experience and credibility to this marketplace, which should accelerate our market access,” he added.