[Funding alert] Mobileware Technologies raises $4.75M from Denmark-based Kvanto Payment Services
Mobileware Technologies, an API banking and digital payments company, has raised investment to the tune of $4.75 million from Denmark’s Kvanto Payment Services to fund the development of advanced product features for its hosted API banking platform as well as other banking-tech products.
The company’s marketing and sales initiatives will also be expanded to increase its presence in the banking and payments sector in India and overseas.
Mobileware’s flagship product – TransXT – is an API banking platform that extends a bank’s digital infrastructure/services to businesses as simple plugins. It gives single-point API access to banking products/services like Account Opening, Bill Payments, QR-Based Payments, Aadhaar Enabled Payments, Lending, Insurance, and many more. Fintechs have easy access to Mobileware’s platform through integrated SDK access over mobile and other devices.
In the banking-tech domain,offers digital payment switches and payment orchestration systems to large banks like Yes Bank, Kotak Bank, Fincare Small Finance Bank, Suryoday Small Finance Bank, NSDL Payments Bank, among others.
“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 percent to reach $71.561 trillion by 2025. In the pandemic, a lot more people opted for digital and touchless transactions, and the digitisation of banking services under the Digital India campaign has further made it easier for people to access,” said Mobileware Technologies CEO Satyajit Kanekar.
He further added, “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.”
Kvanto has a global reach, with more than 400 banks using its payment gateway services. Its white-label solution can be embedded into existing customer applications, ensuring safe and reliable transactions. Through the combined technology, Mobileware will offer an enhanced service portfolio to banks and other partners.
“To support local requirements and to provide the Kvanto payment platform to banks across India, Kvanto selected Mobileware Technologies as a specialised 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.
DAM Capital Advisors Limited was the exclusive financial advisor to Mobileware for the transaction.
Edited by Megha Reddy