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PayU acquire Indian Payment Giant BillDesk for $4.7 billion

1Sep By NitishNo Comments

ACQUISITION

PayU acquire Indian Payment Giant BillDesk for $4.7 billion

Mumbai, 1st Oct 2021: In one of the biggest deals in the Indian consumer internet space, global player Prosus NV on Tuesday said its fintech business PayU will buy digital payments provider BillDesk for USD 4.7 billion With the deal, the Netherlands-incorporated Prosus NV's investment in India will jump to more than USD 10 billion. The PayU-BillDesk transaction, which is subject to approval from the Competition Commission of India (CCI), is expected to close by early 2022, Prosus Group CEO Bob van Dijk told reporters during a briefing. "The combination will create a leading digital payments company in India and globally, and it is exceptionally well-positioned to expand deeper into the Indian fintech ecosystem as more and more Indian customers move from cash to digital transactions,...

Stripe Raises $600 Million, Becomes US Most Valuable Startup

15Mar By AdityaNo Comments

FUNDING

Stripe Raises $600 Million, Becomes US Most Valuable Startup

San Francisco, 03/15/2021: Digital payment company Stripe raises $600 million in funding at a valuation of $95 billion, The payment startup becomes US most valuable company surpasses Elon Musk's SpaceX. At the top TikTok owned ByteDance is the most valued digital company at around $180 billion in the world. Founded in 2010 by Patrick and John Collison, Stripe allows companies to accept online or in person card payments. Stripe has more than 50 companies each processing over $1 billion annually. Its list of customers includes Google, Uber and Amazon, and more recently shipping giant Maersk and Jaguar Land Rover. San Francisco and Dublin-headquartered company said it would use the capital to invest in its European operations and expand its global network. At $95 billion, Stripe i...

Top 5 Payment Providers For Online Gambling Industry

17Feb By AdityaNo Comments

Tech

Top 5 Payment Providers For Online Gambling Industry

In the online gambling industry, players now have more options than ever before when it comes to payment providers. While initially, the main and in fact, only method was via a debit card and bank transfer, there have been sophisticated strides forward in technology which has enabled the development of more payment methods. It has meant that players have more of a choice to suit their preferences depending on whatever is the most convenient at a particular time. Below, you will find the top five payment providers that you can find at most casino sites and what is involved. You also do not have to necessarily just stick to one, as long as you register the ones that appeal to you. Paybyphone One of the newest payment methods that most online casinos have made available to ...

Payment Firm Payoneer will Go For IPO After $3.3 Billion Merger

4Feb By AdityaNo Comments

ACQUISITION

Payment Firm Payoneer will Go For IPO After $3.3 Billion Merger

NEW YORK, February 4, 2021– Global payment firm Payoneer merge with FTAC Olympus Acquisition Corp. (NASDAQ: FTOCU), a special purpose acquisition company at an estimated enterprise value of approximately $3.3 billion. After this deal, Payoneer will be renamed as a Payoneer Global Inc. and will operate as Payoneer, the U.S. publicly listed entity. The company will carry up to $563 million in cash. Payoneer’s management team will continue to lead the Company. The global online payment transfer firm raises investments from TCV, Susquehanna Growth Equity (SGE), Viola Ventures, Wellington Management, Nyca Partners, Temasek and more. Payoneer processed more than $44 billion in volume in over 7,000 trade corridors in 2020.

PhonePe Raises $700 million at $5.5 billion valuation

3Dec By PriyankaNo Comments

FUNDING

PhonePe Raises $700 million at $5.5 billion valuation

Bengaluru, 3rd Dec. 2020-- Walmart owned eCommerce platform Flipkart separated its payment unit PhonePe, as the digital payment firm raises $700 million in funding valued at USD 5.5 billion. The financing round was led by Walmart including existing Flipkart investors, a statement said. Flipkart will remain PhonePe's majority shareholder, and the two businesses will retain their close collaboration, it added. "Recognising the momentum that has been achieved, as well as PhonePe's significant growth potential, Flipkart's Board determined that this was the right time to partially spin-off PhonePe so it can access dedicated capital to fund its long-term ambitions over the next three to four years," the statement said. PhonePe has crossed the 250 million registered user milestone, wi...

13Nov By AdityaNo Comments

FUNDING

Truebill raises $17 Million in Series C Funding

New York, 13th Nov. 2020: US-based fintech startup Truebill raises $17 million in Series C round funding led by Bessemer Venture Partners, with participation from existing investors Eldridge, Cota Capital, Firebolt Ventures, and Day One Ventures. Truebill improves the financial health of millions of people and helps them to track and manage their subscriptions and bills. The current round of funding in Truebill brings the total raised amount to $40 million. The team will use a new round of funding in product development to let people save more in the finance part. It’s no secret that 2020 brought many challenges, 90 percent of Americans stressed about finances and Truebill helps over a million people to save over $100 million.

American Express to Acquire Lending firm Kabbage

18Aug By AnkitaNo Comments

ACQUISITION

American Express to Acquire Lending firm Kabbage

NEW YORK, 18th Aug 2020-- American Express ( NYSE: AXP ) announced that it has entered into an agreement to acquire Kabbage, a leading financial technology company providing cash flow management solutions to small businesses in the U.S. The transaction represents an important step toward the American Express goal of being an essential partner to small businesses through a broad range of payment, cash flow, and financial management tools. Under the terms of the agreement, American Express will acquire Kabbage’s team and its full suite of financial technology products, data platform and IP built for small businesses. Kabbage’s products include access to flexible lines of credit, online bill payment, cash flow visualization tools, e-gift certificates, and the ability to centralize f...

25Apr By PriyankaNo Comments

ACQUISITION

Gojek Acquires Moka for $130 Million

As per the Bloomberg report, Ride-hailing startup Gojek has acquired a payment startup Moka for $130 million. The deal was under negotiations since last year and completed about a month ago. The report also said, Indonesia based Ride-hailing and food delivery startup recently raises $1.2 billion funding to cement its position in digital payments space to acquire the users who are shifting away from cash and using digital services in this virus lockdown. The Moka payment app has more than 35,000 merchants and present in more than 100 cities across Indonesia. Moka accepts debit, credit cards and mobile wallets. It also has an analytics platform to track sales and inventory, run loyalty programs, and manage employees. A Gojek representative declined to comment, while a Moka off...

15Sep By Press Trust of IndiaNo Comments

ACQUISITION

Visa Completes Acquisition of Verifi

San Francisco, United States: Visa has completed the acquisition of Verifi, a leader in technology solutions that reduce chargebacks. The acquisition of Verifi strengthens Visa’s role of facilitating trust and transparency across the buying experience by extending its dispute resolution capabilities to support a broad range of payments brands and partners across the ecosystem. The combination of Verifi’s best-in-class dispute resolution tools with Visa’s suite of risk and fraud management services will: Save valuable time and resources by connecting all parties in the dispute management process in near real-time to resolve disputes before they become chargebacks. Give buyers and sellers intelligent, data-driven tools that foster collaboration, build trust, and improve the over...

Facts You Must Know Before Moving Abroad as an Expatriate

27Mar By AnkitaNo Comments

BLOGS

Facts You Must Know Before Moving Abroad as an Expatriate

InstaReM explores some of the most surprising facts influencing the expatriates on several factors living around the world. There are 66.2 million expatriates across the world. This number is expected to grow at at a compounded annual rate of 7.2 % to 87.5 million in 2021 according to a research report by Finaccord. From moving abroad for education or work to settling abroad with your spouse or even moving for a romantic interest, there are multiple reasons that contribute to this increase in expat population. Before deciding to settle in a particular country, one must know about the quality of life and work, payscale for expat employees, things to do before moving etc. InstaReM, a cross-border payments company has compiled years of research on expat requirements and prefe...

Pine Labs acquires Qwikcilver for $110 Million

23Mar By Ankita SinghNo Comments

ACQUISITION

Pine Labs acquires Qwikcilver for $110 Million

Payment and gift card technology firm Pine Labs to acquire its peer firm Qwikcilver for USD 110 million. The transaction has been funded from the company's cash reserves and additional funding from existing investors, it added. "According to market estimates, gift, as a category, is growing at a high double-digit rate annually. Qwikcilver's technology and market expertise will help us scale up this business and we are delighted to welcome it into Pine Labs," said Vicky Bindra, chief executive officer, Pine Labs. Qwikcilver, which was founded in 2006, offers nine out of every 10 gift cards in the country and manages an annualised gross transaction value of USD 1.5 billion across India, Middle East and South East Asia. Pine Labs started its own gift solutions business - Pine Perk...

You Can now Pay For Your Uber Rides Via Google Pay

28Sep By Gauri SinghNo Comments

Tech

You Can now Pay For Your Uber Rides Via Google Pay

Google’s digital payments platform Google Pay has partnered with Uber to let users pay for their Uber rides easily and seamlessly in India. Initially, the company has an offer in which users can also avail up to Rs. 1,000 when they use Google Pay for 10 Uber rides. This may toughen the competition for other payment platforms such as Paytm, PhonePe among others. Google has also announced that more than 22 million people in India are already using Google Pay on a monthly basis and over 1.2 million small businesses in India are using it to enable mobile payments. To make the use of Google Pay for your Uber rides, the users need to add Google Pay as a payment method on the Uber app. To do this, they need to go to the Payment section after tapping the hamburger icon from the top-left corn...