Paynear Solutions, a city-based transaction processing company, today announced the acquisition of GoSwiff International Pvt Ltd, a financial solutions provider based in Singapore. According to a statement issued by Paynear, with this acquisition, it has become one of the largest payment solution platforms from India with its footprints in 16 countries across Asia, Europe, Africa and Middle East apart from its India business. Prabhu Ram, Group CEO and Managing Director of Paynear said, "With our core competency in building secure, simple and scalable payment solutions, we have established ourselves as a formidable player in the Indian payment ecosystem and our goal is to replicate our success in the global market." "GoSwiff provides an exciting opportunity to develop businesses in these markets instantly with its strong connect with all major banks in Southeast Asia, CIS, Middle East and Eastern Europe. Other than this, the devices deployed are pre-certified, which also gives us an instant go-to- market advantage," added Ram. Mark Patrick, CEO GoSwiff International said, "The acquisition of GoSwiff by Paynear provides our portfolio of leading financial institutions around the globe with enhanced products and services to support their rapidly developing digital payment strategies". Established in 2013, Paynear Solutions offers an omni-channel payment solutions platform through a single application. The acquisition has enabled the consolidated group to deploy more than 200,000 devices and provides solutions to more than 30 banks globally.
Post the acquisition of Goswiff, Paynear plans to replicate the efficiencies of India business for its global business as well, the release said. CONSARK was the financial advisor and Colin NG and Partners was the legal advisor on the transaction, it added.
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