Indian digital wallet MobiKwik has secured a deal with South African mobile payments firm Net1 that will see it receive $40m over two years as a strategic investment.
Gurgaon-based MobiKwik claims 32 million users for its digital wallet services that enables Peer-to-peer money transfers, bill payments and shopping. For Net1, which specialises in solutions for underbanked populations, the deal is a way to bring its services into the Indian market, where the number of smartphone users is growing rapidly.
As part of the deal MobiKwik will integrate Net1’s virtual card technology to help its 100,000 merchant partners gain access to a wider selection of payments.
The round brings the total funding for MobiKwik, which claims an annual turnover near to $40m, to almost $127m. The company counts Sequoia Capital, American Express and Cisco Investments among its other investors.
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