Payment solution provider Network International has acquired a majority stake in TimesofMoney, an Indian online remittance and digital payments service provider. London-based specialist advisory firm FT Advisors Limited, part of the Anthemis Group, advised Network International which is backed by private equity firm Abraaj Capital.
London based specialist advisory firm FT Advisors Limited, part of the Anthemis Group, advised Network International, UAE’s largest acquirer and one of the leading payment solution providers on its acquisition of a majority stake in TimesofMoney, India’s leading online remittance and digital payments service provider.
The acquisition enables Network International to open up a much-needed online remittance service in the key GCC – India corridor. It also enables the company to introduce a number of new value-added remittances and retail based services by leveraging TimesofMoney’s strong foothold in the global money transfer sector and in the payment services space in India.
The significance of this agreement is underpinned by the fact that India is one of the highest remittance receiving countries in the world, estimated at US$ 64 billion annually. The value of the GCC-India remittance corridor is valued at approximately US$ 25 billion annually and growing. Overall, the cross border remittance market is estimated at approximately US$ 415 billion globally.
Bhairav Trivedi, Chief Executive Officer of Network International, said, “We are delighted that TimesofMoney is joining the Network International family as part of our ongoing strategy to provide best in class remittance services to our customers. FT Advisors was instrumental in helping us achieve this milestone through its strong domain expertise and structuring experience. Having advised on the original purchase of 49% of NI by Abraaj Capital, FT Advisors continues to support our business through its experience, network and expertise.”
Udayan Goyal, Managing Director of FT Advisors added, “We are proud to be involved with yet another landmark transaction in the financial technology sector. NI’s acquisition of TimesofMoney and its Remit2India and Remit2Home brands is part of a wider strategy to make NI a global leader in remittances. We have been involved in advising NI on this strategy through a combination of organic product build out and inorganic acquisition led growth as part of a long term goal to make NI a leading global payments company. ”
About Network International
Established in 1994, Network International is the UAE’s largest merchant acquirer for Credit and Debit Cards and the largest third-party processing vendor in the Middle East, capable of providing banks, financial institutions and retailers with complete end-to-end EMV-certified solutions.
It is a Principal Member of Visa and MasterCard, offering customer the most comprehensive range of payment products and services in the Middle East and Africa, for both the Issuing and Acquiring segments of the electronic payments industry. Offerings include credit and debit card processing services, ATM management and monitoring, merchant acquiring and consumer finance applications. Network International provides consultancy services, including planning, designing, and developing new software and services. Network International is owned by Abraaj Capital and Emirates NBD who jointly own 100% of its outstanding share capital.
TimesofMoney is the leading digital payments & remittances service provider catering to retail & institutional clients in India & across the globe. Headquartered in Mumbai, TimesofMoney’s bouquet of services includes retail online remittances (Remit2India & Remit2Home), value-added NRI Services (Window2India), white-labeled remittance platforms & online payment gateway solutions (DirecPay). With over 11 years of experience, TimesofMoney boasts of a strong customer franchise in the retail & institutional space & has also been the recipient of several industry accolades for its achievements over the years.
About Abraaj Capital
The Abraaj Capital group is a leading private equity manager investing in growth markets. Since inception in 2002, the group has raised over US$ 7 billion and distributed in excess of US$ 3 billion to investors. With over US$ 6 billion in assets under management, the group has helped accelerate and facilitate the growth of more than 50 companies in 15 countries in the Middle East, North Africa and South Asia (MENASA) region in sectors as diverse as healthcare, education, energy, aviation and logistics.
About Emirates NBD
Emirates NBD is the largest banking group in the Middle East with total assets of US$78.5 billion. It is the leading retail banking franchise in the UAE with 132 branches. A major player in the UAE corporate banking arena, Emirates NBD has strong Islamic, investment and private banking, asset management and brokerage operations. The bank has operations in the UAE, the Kingdom of Saudi Arabia, Qatar, the United Kingdom and Jersey (Channel Islands).
About FT Advisors:
Part of the Anthemis Group, FT Advisors is a unique corporate advisory, combining capabilities of an investment bank, strategy consultancy and principal investor. FT Advisors focuses on the financial technology sector with particular domain expertise in payments, exchanges and financial software. Clients include leading private equity firms, banks and corporates. In addition to extensive transaction experience in Africa, Asia, Europe and the US, FT Advisors brings to bear not only its own team’s knowledge but also the experiences of its advisory board and its associate network at large.
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