Nium, a leading global payments platform, today announced it has signed a definitive agreement to acquire Wirecard Forex India Pte. Ltd – a foreign currency exchange, pre-paid card, and remittance service provider in India. Wirecard Forex is licensed by the Reserve Bank of India as an Authorized Category II Money Exchange Dealer (AD II) and the acquisition includes Wirecard’s AD II licence. With this license, Nium can directly engage in a variety of payment services activities across the subcontinent, including currency conversion, money transfer, and pre-paid card issuance.
With this licence, Nium can directly engage in a variety of payment services activities across the subcontinent, including currency conversion, money transfer and prepaid card issuance. According to Nium co-founder & CEO digital payment have got a big boost during the pandemic and companies are modernising their digital infrastructure to capitalise on the post-Covid economic recovery.
Wirecard Forex has 23 branch locations in India, including New Delhi, Mumbai, Kolkata, Chennai, Gurgaon, Hyderabad, Pune, and Bengaluru. Post-acquisition, all of its 190 employees will all join Nium. This acquisition, Nium’s second in just over a month after its acquisition of Ixaris, is expected to close in the third quarter of 2021, subject to customary closing conditions, including approval by the local banking control authority. Financial terms of the transaction are not being disclosed.
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