US-based fintech firm Enova International has acquired local payment platform Pangea Universal Holdings for an undisclosed sum.
Pangea offers international money transfer services from the US to around 40 countries focusing in Latin America and Asia.
Customers can use Pangea platform to transfer funds directly to the beneficiary’s bank account. They can also transfer cash, which the beneficiaries can pick up from partners.
The platform also offers US customers an online checking account to streamline remittances.
Last year, Pangea’s service witnessed a 66% growth in new customers remitting $161m in funds from the US.
The transaction will enable Pangea will leverage Enova’s technology, analytics, capital and marketing capabilities to fuel growth.
Enova CEO David Fisher said: “We’re excited to bring our experience managing online financial technology businesses to the platform Pangea has developed.
“Their success focusing on providing choice and control to hardworking people will be an important addition to Enova’s existing businesses. Enova will bring market-leading capabilities around high-volume transactions, marketing, mobile customer experience and, most importantly, machine learning and artificial intelligence.”
Pangea Universal Holdings CEO Nishu Thukral said: “We are proud to have helped underbanked people seamlessly complete millions of money transfers in our nearly ten year history. We are now ready to expand our reach as a part of Enova.
“We are well-positioned to rapidly grow and serve the millions of people seeking quick, simple, fair and safe money movement across the globe.”
As agreed, Thukral will continue to lead the business.