Toucan Payments acquires PayNet Systems to synergise financial innovation

By Gloria Methri

Toucan Payments India has acquired Neo Banking Software Platform PayNet Systems as part of its expansion journey. The company said this acquisition underlines its commitment to innovation and delivering exceptional value to its customers.

“Our acquisition of Paynet represents a transformative milestone in Toucan’s growth, empowering us to elevate our services and accelerate innovation within the payment landscape. This strategic acquisition positions us to chart a course toward a more secure, seamless, and efficient financial ecosystem. By combining our strengths, we are not only enhancing the value we provide to our clients but also reshaping the future of financial services,” said Srikanth Mopidevi, Director of Toucan Payments.

The acquisition forges an AI-driven financial services platform by integrating Toucan Payments’ advanced payment processing and AI technologies with PayNet Systems’ digital lending and neobank solutions. This union enhances our product, solution, and service offerings and solidifies our role as innovators in FinTech.

“Joining forces with Toucan Payments is a strategic leap forward for Paynet. This will empower us to scale our solutions and deliver unparalleled value to our clients, setting new benchmarks in the payment industry,” said Abhinav Paliwal, CEO of PayNet Systems.

Leveraging their combined expertise, Toucan Payments and PayNet Systems aim to deliver exceptional, seamless experiences that will redefine the financial landscape for businesses and consumers, cultivating a more integrated and sophisticated financial ecosystem. “We profoundly appreciate the stellar teams at PayNet Systems and Toucan Payments for their transformative efforts and commitment. We are excited to blend our advanced capabilities and embark on a journey of groundbreaking innovation and collective success,” the company said.