M&A
Kvanto acquires 51% in API banking startup Mobileware Technologies for $4.75-M
Kvanto Payment Services Ltd has acquired 51% stake in Mumbai-based Mobileware Technology Pvt. Ltd for USD 4,75 million. The acquisition will allow Kvanto to license and pursue the implementation of its payment platform combined with MWT's existing payment processing technology and customer base. The deal amount is to be paid in installments over the next 15 months with an initial USD 250,000 paid on signing. MWT is in the business of creating and developing scalable payment solutions for any organization that requires digital payment transactions. Its platform - TransXT - is a plug-and-play open banking API technology that allows businesses to go live instantly.
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