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Payment gateway NumberMall acquires BankSmarts

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Hyderabad based online payment gateway service NumberMall has acquired Delhi-based banking analytics platform BankSmarts for an undisclosed amount, reports NextBigWhat. The acquisition will help NumberMall in customer acquisition and for enabling better transactions on its platform.

Founded in 2012, NumberMall is a merchant managed wallet platform which aggregates various services. The platform can be used to recharge mobile phones, DTH and data cards and buy bus tickets. The startup claims to have serviced more than 30 million customers on its platform through 16,000 touch points. In January 2015, NumberMall raised an undisclosed amount in equity funding from angel investor Sashi Reddi’s early stage VC fund SRI Capital as part of which Reddi joined the startup’s board.

BankSmarts helps marketers reach customers for their products and services by creating customer maps, like preferences, responsiveness to promotions and offers based on the customer’s profile and past purchases. It designs promotions and tracks effectiveness in real time, taking corrective action if necessary. Kae Capital and SRI Capital are seed investors in the company.

Competition:

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– In October, Payment gateway Razorpay raised $9 million in a series A round of funding led by Tiger Global and participation from Matrix Partners. The company also announced an earlier round of seed funding of $2.5 million which includes 33 investors.

– Earlier in October, Citrus Payment Solutions raised an undisclosed amount Series C funding  and acqui-hired the payments startup Zwitch for an undisclosed amount.

– In January, CCAvenue launched a multi-lingual checkout/payment page for websites and apps. The Indian languages offered by the gateway include Hindi, Marathi, Gujarati, Tamil, Telugu, Kannada and Punjabi.

– In April MobiKwik raised ~$25 million in Series B funding led by Tree Line Asia, existing investor Sequoia Capital along with Cisco Investments and American Express.

– In August, Visa set up a technology centre in Bangalore and said it would develop a new payment service for mobile phones called mVisa.

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