5 notable FinTech acquisitions in Australasia and Middle East in Q1
By Leandra Monteiro
Indian software company Wipro announced its acquisition of UK technology consultancy Capco in a $1.45 billion deal. With this move Wipro is aiming at expanding its presence in Asia and Europe. The Indian firm estimates that the deal will enable it to become one of the largest end-to-end global consulting, technology and transformation service providers in the financial services industry. The acquisition is expected to close at the end of June, subject to regulatory requirements.
PayPal acquires Israeli crypto wallet Curv
PayPal signed off on the acquisition of Curv last month. The Tel Aviv-based cloud-based wallet for digital asset securities is looking at releasing its newly formed blockchain business unit. According to the online payments giant it will use the acquisition to fast-track and expand its initiatives to support cryptocurrencies and digital assets. Whilst PayPal didn’t reveal exact numbers in its 2020 results, the company did say the addition of cryptocurrency capabilities has driven user activity.
Tencent-backed Khatabook acquires accounting app in $10m deal
Indian FinTech company Khatabook recently agreed upon the acquisition of Biz Analyst, a software-as-a-service business management firm, in a US$10 million deal. Post the deal the Biz Analyst team will continue to work independently all while maintaining synergies with Khatabook headquarters in Bangalore. Biz Analyst helps SME owners take data-driven decisions by offering real-time access to their business data on mobile by linking them with accounting software Tally.
Indonesian FinTech Alami buys Shariah-compliant rural bank in $10m deal
Indonesian peer-to-peer lending FinTech Alami has bought Shariah-compliant bank BPRS Cempaka Al-Amin in a $10 million deal last month. According to media reports, Alami is supplying the bank with sufficient capital to comply with new limits set by the Indonesian Financial Services Authority.
Alami, founded in 2017 associates with shariah banks to offer invoice financing for small and medium-sized enterprises. The FinTech aims to expand rapidly into healthcare, farming, logistics, and groceries.
Finch Capital acquires Wirecard’s Turkish operations
To round off March, Finch Capital has acquired the Turkish operations of Wirecard. The acquisition has led to the creation of a new entity – Nomu Pay. Registered in Ireland, Nomu Pay will forefront Finch’s growth story in Turkey and the Middle East. The company aims to publish full plans once the acquisition completes.
Wirecard plunged into insolvency in 2020 following its accounting scandal, failing to meet its loan obligations. Pieces of the Wirecard business have been parcelled out and sold to bidders in the past 12 months, including to UK-based Railsbank and Australia’s Change Financial.
ALSO READ: Cool FinTech Report
IBSi Daily News Analysis
May 25, 2022
Why are Pointspay and MarPay gaining traction in the payment industry?Read More
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage