Net1 to Invest $40 Million in MobiKwik, a Leading Digital Payment Platform in India

 

Net1

Image : transact24.com

26 August 2016, India :

Net1 UEPS Technologies, Inc. today announced that it has signed a subscription agreement with One MobiKwik Systems Private Limited in India.

As part of the strategic partnership, Net1 will invest $40 million in MobiKwik. In addition, through our technology agreement, Net1’s Virtual Card technology will be integrated across all MobiKwik wallets in order to provide ubiquity across all merchants in India.

MobiKwik is India’s largest independent mobile payments network, trusted by over 32 million users and 100,000 retailers. MobiKwik’s current shareholders include Sequoia Capital, Tree Line Asia, American Express, Cisco Investments, GMO Payment Gateway and MediaTek, as well as Bipin Preet Singh and Upasana Taku, the founders and executive officers.

Our strategic investment in MobiKwik provides us with meaningful participation in one of the largest and fastest growing digital payment markets globally,” said Serge Belamant, Chairman and CEO of Net1. “We are excited to partner with one of India’s most utilized and recognized digital platforms, through which we can introduce our products and services. We believe that this investment will accelerate our ability to build scale in India. Over the next three years, MobiKwik has targeted having 150 million users and 500,000 merchants, and the introduction of our various technologies is expected to enhance their value proposition and differentiation to users, online and offline merchants, increase acceptance, and accelerate growth.

Upasana Taku, the co-founder of MobiKwik said, “We greatly value our partnership with Net1 and look forward to learning from their best practices in serving the un-banked and under-banked users, while taking progressive steps towards making India a cashless economy.

Net1 is a leading provider of alternative payment systems that leverage its Universal Electronic Payment System (“UEPS”) or utilize its proprietary mobile technologies. The Company operates market-leading payment processors in South Africa and the Republic of Korea.

Through Transact24, Net1 offers debit, credit and prepaid processing and issuing services for Visa, MasterCard and ChinaUnionPay in China and other territories across Asia-Pacific, Europe and Africa, and the United States. Through Masterpayment, Net1 provides payment processing and enables working capital financing in Europe.

MobiKwik was founded in 2009 by Bipin Preet Singh and Upasana Taku, the company has raised three rounds of funding from Sequoia Capital, American Express, Tree Line Asia, MediaTek, GMO Payment Gateway and Cisco Investments. MobiKwik aspires to be the largest source of digital transactions in India.

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