Omnichannel financial services platform Airpay on Wednesday announced it has acquired personal finance management startup Finmapp. Incorporated in September 2020 by Finfinity Technologies, Finmapp offers a range of tools and services, including financial planning, tax planning, debt management, risk and age-based advisory and recommendations, and assessment to help users understand their spending, saving, borrowing, investment, and financial planning habits.
The transaction details weren’t disclosed by Airpay.
Finfinity’s team comprising the founders and all the employees will join Airpay post finalisation of the deal, the company said. The acquisition, expected to be completed by March 2024, will also help Airpay expand its global play. The startup has over 40 banks and financial institutions on its platform and offers access to more than 150 products to over 25,000 active users.
According to Finmapp, there are 400 million Individuals (in the monthly income group of Rs 30,000-2 lakh) in need of a complete financial solution with 80 per cent without a plan for their financial future and 90 per cent with no investment in financial assets due to their lack of understanding.
Speaking on the deal, Kunal Jhunjhunwala, Founder and MD, Airpay, said, “Having achieved significant growth over the past two years, Airpay is actively seeking inorganic opportunities to expand its horizons further.” This is the first acquisition deal by Airpay since its launch in 2012.
The company offers payment solutions to consumers, businesses, banks, and financial institutions through collaboration with more than 200 financial institutions. The platform allows its clients to move, store and give money across many touchpoints such as web, mobile, call centre, IVR, email, SMS and face-to-face through more than 100 financial instruments.
According to estimates, said Airpay, the digital EMI user base in India is expected to reach 100 million by 2026 while the market is expected to leap to $45 – $50 billion in gross merchandise value by 2026. Moreover, digital merchant payments are expected to shoot up by over eight times and cross $1 trillion by 2026 from the current $285 billion.
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