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Tower Capital Asia acquires majority stake in payments firm AXS

By Leandra Monteiro

July 12, 2023

  • Acquisition
  • AXS
  • DBS Bank
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Tower Capital AsiaSingapore-based, Tower Capital Asia announced its acquisition of a majority stake in AXS Pte Ltd , a multi-channel payment solutions provider.

Following the acquisition, Tower Capital PE Fund I, LP, becomes the largest shareholder in AXS, while existing shareholder DBS Bank continues to retain a 9.9% stake in the Company. Further to this, Tower Capital Asia intends to support the Company in its growth plans, which includes expanding AXS’s presence within the Southeast Asian payments’ ecosystem.

Commenting on the transaction, Tower Capital Asia, Founder and CEO, Danny Koh said, “We are very pleased to welcome AXS into our ever-growing portfolio of category-defining companies. A frontrunner in the digital payments industry, AXS pioneered multi-channel cashless payments in Singapore. The recent explosion in digital payments globally is providing formidable tailwind for AXS, an established player, to seek growth via new business segments and markets.”

CEO and Founder of AXS, Joey Chang said, “We are exhilarated to join hands with Tower Capital Asia. Their investment is more than a nod to what we have built through the years; it is also a strong show of belief in our execution ability and growth potential. We are extremely excited for what the future holds for AXS.”

As part of its post-investment value creation plan, Tower Capital Asia intends to transform AXS into a regional cloud-based payment solutions provider, pledging investment in technological innovation and expansion of services to deliver a seamless payments experience to merchants and consumers alike, while strengthening existing business operations to ensure continuous service to clients and users who utilise AXS channels.

Pursuant to the deal and subject to regulatory clearance, AXS co-founder and more recently CEO of the NETS Group, Jeffrey Goh will be returning to the Company.

“It would be truly a homecoming for me, to be able to rejoin AXS which I helped found and whose business I remain deeply passionate about. The digital payments landscape has evolved significantly in the last two decades, and I look forward to forging a new collective vision for AXS with my teammates and Tower Capital Asia,” said Goh.

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