Ebix, the parent company which owns ItzCash, has acquired a third money transfer company in India and has bought Paul Merchants for around $40 million through its Indian affiliate. As a part of the Transaction, Paul Merchants will also take a 10% stake in Ebix’s combined international remittance business entity in India for cash consideration. Last month, Ebix acquired Money Transfer Service Scheme (MTSS) businesses of YouFirst Money Express Private Limited and Wall Street Finance Limited. The companies added that Paul Merchant's earnings will be accretive to Ebix's businesses one it gets the requisite regulatory approval. "The customary process for such approval can take a timeline of 45 to 60 days," the company added in a statement. Paul Merchants Inward Remittance Exchange Encompasses 20,000+ Distribution Outlets, 165+ Branches, Processing over 6 Million Transactions Per Annum. The acquisitions will be consolidated into the Ebix ItzCash’s Financial Exchange operations. When Ebix acquired 80% of ItzCash’s stake, the companies said that they would be building a Financial Exchange and wanted to expand to insurance, lending & credit, mutual funds & investments segments. The two acquisitions will also help ItzCash build its distribution and financial exchange. Currently, the exchange has 75,000 outlets from ItzCash and the deal will increase the number of outlets to 94,000 across the country. RBI to allow wallets to make cross-border remittance In May, the Reserve Bank of India (RBI) opened new avenues of business. Wallets might be able to undertake cross-border inward remittances, according to its new draft guidelines. However, the wallets need to be fully…
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