February 13, 2017
By: Mike Dautner
United Arab Emirates-based payments solutions provider OMA Emirates has agreed to acquire Mumbai’s MobiSwipe Technologies Pvt. Ltd for an unknown amount.
It would appear that the company is looking to broaden its overall portfolio in the MiddleEast, Eastern European and APAC regions.
Founded back in 2012 by Suresh Santhanaramakrishnan, a founding member of BharatMatrimony.com, along with Harmeet Singh Arora, a seasoned participant of the online gaming and mobile domains.
The mobile payment startup offers its services to merchants, and has raised an unknown amount back in November of 2012 from One97 Mobility Fund.
“The mobile payment market is witnessing a surge. This acquisition will ensure that MobiSwipe makes the right international progress,” said Santhanaramakrishnan, co-founder and joint CEO, MobiSwipe.
MobiSwipe is a mPOS solution that enables merchants to accept credit and debit card payments using Android mobile phones and tablets. Payments can be processed through a pocket-sized card-reader connected to the MobiSwipe app via Bluetooth.
Niranj Sangal, Group CEO, OMA Emirates Group, commented, “There is increasing acceptance and growth of mPOS solutions over the last few years with many of our customers having shown interest in the solution. Having acquired MobiSwipe, we are now able to extend the mPOS offerings and we are confident of a larger portfolio.”