Funds to be used to accelerate growth and innovation in digital transactions
Mobileware Technologies, a known name for digital payment solutions, has secured an investment of INR 15.6 crore from Zaggle, a prominent player in the fintech and SaaS space. Lastaki Advisors and Khaitan & Co were the advisors to Mobileware for the transaction.
The newly acquired funds will be utilized to expand the team, drive product innovation, and enhance the range of product offerings. This investment positions Mobileware to boost productivity, tap into new customer segments, and potentially establish a presence in international markets.
It will enable Mobileware Technologies to bridge the gap between financial services and technology by enhancing its flagship API banking platform, TransXT, also known as 'Bank in a Box.' Mr. Satyajit Kanekar, Co-Founder of Mobileware Technologies, commented on the investment, stating, "With the increasing volume of digital transactions, we are witnessing a revolution that extends beyond borders. According to the ACI Worldwide Report, approximately 49% of global real-time payment transactions occur in India. This underscores that digital transformation in the payment landscape is no longer optional; it is essential for businesses aiming to remain competitive and meet the changing expectations of their customers. This investment marks a pivotal moment for us to further innovate in the payments space and strengthen our partnerships with banks and financial institutions across the country."
Amitabh Kanekar, Co-Founder of Mobileware, added, "The investment from Zaggle serves as a significant endorsement of our vision and capabilities. With our established partnerships with NPCI and a strong commitment to compliance and security, we are well-positioned to enhance India’s digital infrastructure and contribute to a cashless economy. At Mobileware, we are dedicated to making digital payments faster, safer, and more accessible for everyone."
