US-based fintech company Innovative Payment Solutions (IPSI) has acquired a 10% stake in Boston-based startup Frictionless Financial Technologies (FFT).
Financial terms of the deal were not shared by the firms.
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FFT is a frictionless global payments enablement and software company.
This is facilitated through its payments platform, combined with proprietary software and global payments network partners.
As part of the deal, IPSI will collaborate with FFT for the development its suite of digital technologies.
IPSI CEO William Corbett said that the addition of FFT will improve, accelerate, complement and expand the late-stage development of its digital platform.
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By GlobalDataCorbett said: “We look forward to our planned roll-out later this summer of our all-in-one solution that will bring the unbanked, underbanked and anyone else to the digital world of sending payments across borders.”
IPSI is focused on developing the digital payment solution ‘IPSIPay’. It offers digital payment solutions for consumers and service providers.
This covers devices such as self-service kiosks, mobile applications and POS terminals offering alternative payment methods.
In February this year, IPSI reached an agency agreement with Golden Money Transfer to offer its money transmission service in Mexico.
The partnership was aimed at facilitating IPSI’s cross-border payments infrastructure, reduce remittance costs, and serve the unbanked and underbanked communities.
Meanwhile, this week, reports emerged about the UAE’s sovereign wealth fund Abu Dhabi Investment Authority acquiring a minority stake in Indian digital payments firm MobiKwik for around $20m.
