UAE-based payments company Tpay Mobile has acquired all shares of peer firm Payguru to expand its geographical footprint.

The completion of the transaction is subject to regulatory approvals.

Established in 2015, Payguru is a Turkey-based company and offers payment services in the Middle-East.

The acquired firm offers direct carrier billing services as well as bank transfer /ATM payments through eight major banks. It has more than 1300 merchants on its platform.

Payguru co-founder and chairman CEO Işık Uman said: “The merger with Tpay Mobile opens a huge window of opportunity for the export of our products outside of our country leveraging TPAY MOBILE’s presence in MEA countries.

“This will also bring our local merchants the opportunity to collect payments from these new countries with a single integration on Tpaymobile/Payguru platform.”

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By GlobalData

Tpay Mobile operates as a digital merchant acquirer and mobile payment enabler in the Middle East and Africa region.

The acquisition will strengthen Tpay Mobile’s alternative payment product portfolio and support its growth business lines and geographies.

Tpay Mobile founder and CEO Sahar Salama said: “This transaction extends our footprint in the region, continues our diversification into new business lines and also significantly strengthens our value-added services proposition in the region.

“The regional and global fintech sector is at an inflection point for growth, making this the perfect time to welcome Payguru into our fold.”