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December 23, 2020

Kvanto Payment to take majority stake in India’s Mobileware Technology

Denmark-based Kvanto Payment Services has finalised an agreement to acquire a 51% stake in Mobileware Technology (MWT) to integrate and expand its digital payment business in India.

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2022: So far In Venture Capital

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Mobileware Technologies started in 2010 as a mobile applications development platform.

In 2013, the company the ‘Mobile Banking’ domain and started developing digital banking products around NPCI switches and the UIDAI database.

It introduced open Banking API platform TransXT in 2018. The company deployed digital banking products in major Indian banks Yes Bank and Kotak Mahindra Bank.

Mobileware Technologies CEO Satyajit Kanekar said: “We look forward to representing Kvanto. We have great trust in the ability of the Kvanto platform and the deep knowledge into payments that the Kvanto team and relationship brings.

“We’re very excited and convinced that we have found the right partnership for fast, escalating businesses here in India.”

Kvanto and Mobileware Techhnologies’ synergy presents the potential to become a major player in the digital payment space, he added.

The buyout and valuation of MWT is subject to further due diligence.

The acquisition will become only after listing of Kvanto’s parent company, Kvanto Payment Services, on a recognized stock exchange in Canada.

Kvanto CEO Jesper Skorstengaard said: “In order to support the requirements of doing this business, as well as providing the Kvanto payment platform for other banks in India, we selected MWT as the right partner to work with.

“MWT brings extensive experience and credibility to this marketplace which should accelerate our market access,” he added.

Free Report
img

2022: So far In Venture Capital

Global investment in 2022 has been majorly dominated by North America, Europe, and Asia Pacific, whereas the Middle East, and South and Central America have recorded low investments comparatively. In light of this, Europe and North America have been identified as the major destinations for Private Equity and Venture Capital (PE/VC) investments.   GlobalData’s whitepaper analyzes which sectors PE/VC firms have been investing in, looking at Technology, Media, and Telecom, with these sectors recording $356 billion and a deal volume of over 10,000 deals in 2022. Healthcare, Financial Services, Business & Consumer Services, and Construction sectors have also seen high investment activity by PE/VC firms, recording a deal value of over $70 billion each.   But what can this mean for you?   Understand how the Deals Database on GlobalData Explorer can be leveraged to:  
  • Track the Aggregate Investment Volumes in PE/VC-Stage firms across geographies and sectors, in addition to viewing the specific deals that drove these volumes
  • Identify the top investors already active in any sector-Geography combinations
  • Assess the Performance of Financial and Legal Advisors, supporting the Dealmaking in any segment of choice (Customizable League tables)
  • Understand what is driving the PE/VC fundraising (Deal Rationale)
  Consult our full report here and optimize your business strategy.
by GlobalData
Enter your details here to receive your free Report.

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