Fintech Select has agreed to buy an online payment and e-wallet platform from Canada’s Mswipe Technologies.
The company is a provider of pre-paid card programmes, mobile banking solutions and cryptocurrency technologies,
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The Fintech Select online payment platform will also integrate with Fintech Select’s existing core platforms.
As deal consideration, the acquirer will issue six million common shares to Mswipe for the platform.
At the same time, it will issue five hundred thousand common shares as payment of finder’s fees to a third-party.
Fintech Select said that its in-house IT team has experience with the development tool used in the source code of the acquired platform. This, according to Fintech Select, will facilitate customisation of the platform.
Fintech Select CEO Mohammad Abuleil said: “We are very excited about this strategic acquisition. It will allow the Company to extend its integrated payment services globally to both businesses and individuals, and for the Company to play a leading role in this business segment.
“The total transaction value in the digital payments segment in 2018 was approximately US$3.4 trillion. It is expected to show an annual growth rate of 13.2%, resulting in the total amount of approximately US$6.335 trillion by 2023. Also, in 2018, the number of users of digital payments was approximately 2.9 billion and is expected to increase to 3.26 billion by 2023.”
