MySQUAR, a Myanmar-based social media, entertainment and payments platform, has acquired mobile payment operator MyPAY Myanmar (MPM) from MyPay in a cash-stock deal worth £2m.

MySQUAR will pay half of the deal consideration in cash, and the remainder through the issue of 72.5 million shares.

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In order to boost its capital position, MySQUAR also agreed to issue £2.2m in convertible bonds to Atlas Capital Markets along with 666,667 warrants awarded over 42.9 million shares.

As part of the deal, MPM director Nicolas Nguyen will become CFO at MySQUAR.

“The Acquisition will streamline the Company’s development of smartphone payments systems, which are anticipated to provide substantial revenues going forward,” MySQUAR said in a statement.

MySQUAR and MyPay’s relationship dates back to 2015, when the duo signed a revenue-sharing deal to integrate MyPay’s mobile payment services into MySQUAR’s MyCHAT messaging app.

MPM, incorporated in 2016, currently awaits a payments licence from the Central Bank of Myanmar.

MySQUAR CEO Eric Schaer said: “The acquisition of MyPay Myanmar enhances our drive to be the leading directly regulated mobile payments facility for remittances back into Myanmar.

“The Acquisition significantly enhances the economics for the company by buying back in the revenue sharing agreement and positions us to help millions of Myanmar citizens significantly reduce the cost to remit funds back to Myanmar.”