M&A
Gold loan player Muthoot acquires 54% stake in rent collection enabler Paymatrix
Thiruvananthapuram-based gold loan company Muthoot Fincorp has picked up a 54% stake in Hyderabad-based fintech startup Paymatrix by buying out existing investors as part of its added focus on the digital payments segment. Paymatrix was set up in 2016 with the aim to streamline property rent payments and rent collections for tenants and landlords. It was incubated at IIIT-Hyderabad along with the Paypal accelerator programme, and had secured early-stage investments from Xseed Venture Partners, IIIT-Hyderabad seed fund and its foundation, SucSEED Angel Network and Smartcity Dubai. It has a user base of over 82,000, having processed INR 200 crore till date.
Want to receive such news items in your inbox? Click Here to sign up for a trial.
