Abu Dhabi, UAE – Finablr, a global platform for Payments and Foreign Exchange solutions, has announced the acquisition of TimesofMoney, a digital payments solutions provider, from Network International. The transaction strengthens the leadership of Finablr’s network of companies within India’s fast-growing payments sector.
TimesofMoney caters to institutions and merchants through its diverse portfolio of solutions, including white-labelled mobile payment platforms, payment gateways and payment aggregation solutions. Clients include some of the leading banks, payment service providers, and global financial institutions. TimesofMoney’s proprietary solutions, which are underpinned by a highly scalable infrastructure conforming to industry-leading best practices, can now be leveraged by Finablr’s global network of companies.
Promoth Manghat, Executive Director and CEO of Finablr, said: “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. 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.”
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. With strong support from the Government, digital payments have taken an increasingly important role in India’s cash dominant economy. Digital payments, including the adoption of mobile wallets and cards, have soared in India following the demonetization exercise in November 2016. TimesofMoney has witnessed a substantial increase in transaction volumes processed in the last year.
As part of Finablr, TimesofMoney is well-positioned to accelerate its growth in India. Additionally, leveraging the global presence of the Finablr network will enable TimesofMoney to expand into new markets, transforming itself from a large domestic player into an international powerhouse operating in the vanguard of the digital payments industry.
Finablr’s network of companies comprises category renowned brands, which together handled more than 150 million transactions in 2017. The network spans 160+ countries and, with its strategy of financial enablement and empowerment, touches over a billion lives through its digital channels, retail stores and agent locations.
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About Finablr:
Finablr is a global platform that brings together full service Payments and Foreign Exchange solutions underpinned by proprietary technology. With deep regulatory know-how, a relentless focus on innovation and leading industry partnerships, Finablr network companies provide a broad array of tailored and trusted financial solutions for consumers, corporates and enterprises across a worldwide network of retail stores, digital channels and payments platforms. With a network reach spanning over 160 countries, Finablr network companies help customers achieve their desired lifestyles and their business goals by developing a deep understanding of their requirements, designing and delivering a range of solutions tailored to their needs.
With category renowned brands, such as UAE Exchange, Travelex, Xpress Money, Unimoni, Remit2India, Ditto and Swych, in its fold, the Finablr network processes over 150 million transactions annually, touching a billion lives.
Finablr seeks to lead the evolution of the financial services industry and is at the forefront of disruptive trends, investing in new innovative companies via its subsidiary, Finablr Ventures. Through its incubator and accelerator programmes, Finablr provides growing companies with access to its ecosystem of products and services, compliance and proprietary technology.
For more information, visit the Finablr website: www.finablr.com
About TimesofMoney:
TimesofMoney is a leading digital payment solutions provider catering to retail & institutional clients in India & across the globe. TimesofMoney’s suite of services include white-labelled mobile payment platforms, payment gateways and payment aggregation solutions. With over 15 years of experience, TimesofMoney boasts of a strong customer franchise in the retail & institutional space & has also been the recipient of several industry accolades for its achievements over the years.
For more information, visit the TimesofMoney website: www.timesofmoney.com
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