Mobileware Technologies raises $4.75M from Kvanto Payment Services

mobileware funding

Mobileware Technologies announced that it has raised $4.75 million from Denmark’s Kvanto Payment Services to finance the development of advanced product features for its hosted API banking platform and other banking-tech products. 

The company will also expand its marketing and sales initiatives to strengthen its presence in the banking and payments sector in India and overseas. 

Mobileware’s flagship product – TransXT – is an API banking platform that extends a bank’s digital infrastructure/services to businesses as easy plugins. It provides single-point API access to banking products/services like Account Opening, Bill Payments, QR-Based Payments, Aadhaar Enabled Payments, Lending, Insurance, and many more. 

“Our association with Kvanto happens at the right time when the digital payments industry in India is booming – it is expected to grow at a CAGR of 21.07 percent to reach $71.561 trillion by 2025. In the pandemic, a lot more people opted for digital and touchless transactions, and the digitization of banking services under the Digital India campaign has further made it easier for people to access,” said Mobileware Technologies CEO Satyajit Kanekar. 

He further added, “With Kvanto’s knowledge and experience in the digital payments space, we are sure to develop advanced products that will add value to the digital economy in India and overseas.”

“To support local requirements and to provide the Kvanto payment platform to banks across India, Kvanto selected Mobileware Technologies as a specialized partner to work with,” said Kvanto’s CEO, Jesper Skorstengaard. 

“Mobileware brings extensive experience and credibility to this marketplace, which should accelerate our market access,” he added. 

DAM Capital Advisors Limited was the exclusive financial advisor to Mobileware for the transaction.

Mobileware seems to have established a strong presence in the market with its unique offerings. I’m sure the company will continue to prosper in its journey ahead. My best wishes to the team of Mobileware.

Shishir Gupta, Founder and CEO, StartupLanes

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