Paynear harbors global ambition, to acquire Singapore-based GoSwiff in $100 Mn

GoSwiff
Image Credit: Paynear.in

Card payment processor Paynear is acquiring GoSwiff for about $100 million to gain a foothold in 20 markets including South East Asian, Middle East, and Eastern Europe amongst others.

According to the media reports, the deal estimated at a little less than $100 million has been signed, said Economic Times citing an anonymous source.

Founded in 2013 by serial entrepreneurs, Paynear provides a point of sale devices and helps offline businesses to accept payments online.

GoSwiff offers integrated white label payment gateways and mobile applications for online, mobile and in-store payments. Owned by Swiss billionaire Maurice Amon, GoSwiff is a fairly large company as compared to Paynear.

The formal announcement of acquisition is expected to be made later this week.

According to the report, GoSwiff is worth nearly eight times Paynear’s equity value. The Hyderabad-based company is financing the acquisition with a loan from its promoters.

Paynear primarily offers mPOS solution, CRM and payment gateway to simplify payment processing and complement the payment ecosystem for small and medium enterprises (SMEs). It also plans to provide a complete solution ranging from invoices to catalog, create customer records and tax filing.

Also Read: SBI Card to enable contactless payment at PoS via Host Card Emulation

So far, Paynear had raised about $6 million from family and friends. It secured $2.5 million round led by serial investor Mitesh Majithia and others in December 2015. Paynear anticipates hitting revenue of Rs 110 crore with a marginal net profit by the end of current fiscal while GoSwiff had revenue of Rs 144 crore last year.

GoSwiff is a white-labelled technology platform that develops applications, software and data analytics for SMEs and financial institutions in the digital payments space.

Paynear competes with mSwipe, Ezetap and iKaaz and Hyderabad-based MobileCozy (now AasaanPay).The intersection of mobile and payments is a space rife with opportunity in emerging and developing markets. Going forward, it would be interesting to watch how Payner’s global foray via GoSwiff shapes up.

Paynear: Website

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