Mobileware Technologies, a provider of API Banking and digital payments, has received a USD 4.75 million investment from Kvanto Payment Services of Denmark to support the development of enhanced product features for their hosted API Banking Platform and other banking-tech products.
TransXT, Mobileware’s flagship product, is an API Banking platform that allows enterprises to access a bank’s digital infrastructure/services via easy plugins. Account Opening, Bill Payments, QR-Based Payments, Aadhaar Enabled Payments, Lending, Insurance, and many other banking products and services are accessible via a single API.
“Our association with Kvanto happens at the right time when the digital payments industry in India is booming – it is expected to grow at a CAGR of 21.07% to reach US$71.561 trillion by 2025. In the pandemic, a lot more people opted for digital and touchless transactions, and the digitization of banking services under the Digital India campaign has further made it easier for people to access,” says Mobileware Technologies CEO Satyajit Kanekar. He further adds, “With Kvanto’s knowledge and experience in the digital payments space, we are sure to develop advanced products that will add value to the digital economy in India and overseas.”
“To support local requirements and to provide the Kvanto payment platform to banks across India, Kvanto selected Mobileware Technologies as a specialized partner to work with,” said Kvanto’s CEO, Jesper Skorstengaard. “Mobileware brings extensive experience and credibility to this marketplace, which should accelerate our market access,” he added. Kvanto and Mobileware Technologies synergy presents the potential to become a major player in the digital payment space. DAM Capital Advisors Limited was the exclusive financial advisor to Mobileware for the transaction.