Dubai: Network International, an independent payment solution provider in the Middle East & Africa, announced on Sunday that it has acquired a majority stake in TimesofMoney Ltd., an India-based online remittance and digital payments company.
The companies didn’t disclose a price or the size of the stake. TimesofMoney was owned 100 per cent by Times Internet Limited, a wholly owned subsidiary of Bennett, Coleman & Co. Ltd. As per the terms of the partnership, Bennett, Coleman & Co. Ltd will remain as a minority shareholder and continue to have representation on the board of TimesofMoney.
TimesofMoney’s flagship brand, Remit2India, is a pioneer in online remittances to India. TimesofMoney is also a key player in the online remittance market to countries like Philippines, Sri Lanka and Bangladesh under its Remit2Home brand. Its other cross-border service includes Window2India, a value-added services portal for NRIs offering gifting, health-care, and property services, among others.
The acquisition enables Network International to open up a much needed online remittance service on the key GCC-India corridor, as well as to introduce a number of value-added remittances and retail-based services.
“Today’s announcement is an important step in the execution of Network International’s strategy to become the leading payments player in growth markets. The addition of TimesofMoney to Network International’s payments platform marks the company’s entry into an exciting product space,” said Bhairav Trivedi, Chief Executive Officer of Network International
Network International is 51 per cent owned by Emirates NBD, the largest UAE bank by assets and 49 per cent by private equity firm Abraaj Capital.
TimesofMoney’s value-added offering include a state-of-the-art remittance platform to a host of banks, money transfer operators and telecom companies across the globe. “We are extremely excited by the endless opportunities this partnership promises. We are confident that our respective complementary strengths will not only allow us to reach new markets but will also help our existing retail and institutional customers with enhanced offerings,” said Avijit Nanda, Chief Executive Officer of TimesofMoney.