World Funds Fintech Nium to Purchase Wirecard Foreign exchange India Pte Ltd, a Remittance Service Supplier

Nium, a worldwide funds platform, reveals that it has entered a definitive settlement to accumulate Wirecard Foreign exchange India Pte. Ltd, which serves as a overseas foreign money alternate, pre-paid card, and remittance service supplier for Indian markets.

Wirecard Foreign exchange has been licensed by the Reserve Financial institution of India (RBI) to function as an Licensed Class II Cash Trade Vendor (AD II). The acquisition will reportedly embody Wirecard’s AD II license. With this allow, Nium will have the ability to straight interact in varied fee providers companies throughout India. This may increasingly embody supporting foreign money conversion, fund transfers, and pre-paid card issuance.

Nium maintains one of many widest licensing portfolios of any impartial funds service supplier (PSP). The Fintech agency has issued round 30 million bodily and digital playing cards. It has operational licenses in 11 completely different jurisdictions, which incorporates direct card issuing capabilities in 24 international locations and in round 40 main currencies.

Prajit Nanu, Co-founder and CEO at Nium, acknowledged:

“We’re seeing an accelerated transfer to digital funds as corporations modernise their infrastructure to capitalize on the post-COVID financial restoration. Extra corporations are turning to our international funds stack to embed monetary providers shortly. This acquisition broadens our licensing portfolio, extends the suite of digital funds providers we are able to supply in India, and offers us with a bodily footprint to offer extra assist in metro areas.”

Nium’s acquisition of Wirecard Foreign exchange has come at a time when the pay as you go card market in India is on monitor to expertise a CAGR of 40.5% from 2021 – 2026. Fueling this appreciable development is a rise within the adoption by companies in search of fast and handy fee processing, fee flexibility, and quicker reimbursements.

As shopper spending begins to get well, reward playing cards, meal playing cards, journey playing cards, and payday playing cards might be used regularly by Indian companies and particular person customers.

Pratik Gandhi, Chief Working Officer at Nium, remarked:

“Nium continues to increase its international operations by way of strategic acquisitions. Wirecard Foreign exchange has in depth attain all through India and can allow us to ship next-generation fee providers throughout all main metropolitan cities.”

Wirecard Foreign exchange maintains 23 department workplaces throughout India, which incorporates the New Delhi, Mumbai, Kolkata, Chennai, Gurgaon, Hyderabad, Pune, and Bengaluru places.

Following the acquisition, all the agency’s 190 staff might be becoming a member of Nium. This acquisition, which is Nium’s second in only a month, has come after the corporate acquired Ixaris. This newest acquisition ought to be finalized by Q3 2021, and it’s presently topic to customary closing circumstances, reminiscent of approval by the native banking management authority.

The monetary phrases of the deal haven’t been shared publicly.