Nium, a global payments platform, has announced that 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.
“We’re seeing an accelerated move to digital payments as companies modernize their infrastructure to capitalize on the post-COVID economic recovery,” said Prajit Nanu, Nium’s co-founder and CEO. “More companies are turning to our global payments stack to embed financial services quickly. This acquisition broadens our licensing portfolio, extends the suite of digital payments services we can offer in India, and provides us with a physical footprint to provide more support in metro areas.”
“Nium continues to expand its global operations through strategic acquisitions,” added Pratik Gandhi, Nium’s Chief Operating Officer. “Wirecard Forex has extensive reach throughout India and will enable us to deliver next-generation payment services across all major metropolitan cities.”
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.
