FOOi facilitate peer-to-peer and peer-to-business financial transactions. Credit: Karolina Grabowska from Pixabay.

Canada-based Xigem Technologies has concluded the previously announced acquisition of cloud-based peer-to-peer (P2P) payments app FOOi.

The deal involved the purchase of substantially all of the assets of FOOi for $500,000.

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This consideration was satisfied through the issuance of 1,666,667 common shares in the capital of Xigem at a deemed price equal to $0.30 per share.

FOOi facilitates peer-to-peer and peer-to-business financial transactions.

Xigem will integrate FOOi with its platform technology iAgent to scale up its functionality and enhance its customer relationship management efficacy.

The company expects FOOi to become a ‘valuable asset’ to iAgent.

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Xigem co-founder and CEO Brian Kalish said: “FOOi is an easy-to-use and low-cost app that is well suited to small-to-medium enterprises, foundations and individuals wishing to complete payment transactions remotely.

“We are pursuing opportunities to integrate it with our iAgent platform as well as other technologies planned for our portfolio.”

The mobile payment market, valued at $1.48trn in 2019, is estimated to surpass $12trn by 2027.

This represents an average growth rate of 30% from 2020 to 2027, driven by factors including continued penetration of smartphones, growth in mobile commerce, and demand for digital transactions.

FOOi will use the proceeds from the sale to buy a secured, interest-bearing note from Baron Auto Group (BAG).

BAG, a non-prime lender in the Canadian automobile market, is expected to be a “customer of Xigem’s where it would employ both iAgent and potentially the FOOi technology”.