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Paynear acquires Singapore-based GoSwiff to expand internationally

Hyderabad-based Paynear Solutions has acquired Singapore-based financial services provider GoSwiff for an undisclosed amount. With this deal, the company will be expanding its footprint across 16 countries in Asia, Europe, Africa and the Middle East. The Economic Times pegs the deal size at $100 million and added that the acquisition was funded from the company's promoters through a loan. The publication added that the founders may redeem the debt if it able to tap capital markets. The promoters also have an option to convert the debt into shares for the loan amount.  Paynear is expected to record revenue of Rs 110 crore and have a marginal net profit, while GoSwiff last year posted revenue of $22 million, but has yet to turn profitable. Paynear primarily has a point-of-sale (POS) business in India and has tie-ups with more than 20 banks in India including RBL Bank, HDFC Bank, and Axis Bank. The acquisition will enable the consolidated group to deploy more than 200,000 devices and provide solutions to more than 30 banks globally. Paynear's POS solution has multiple forms of digital payments either in-store, home-delivery and can accept cards, net banking, wallets, UPI, EMI, rewards cards and loyalty points. It is currently running a pilot for Aadhaar Pay in Hyderabad as well. The company added that the solution was multi-lingual and can be ported and deployed rapidly in the new international geographies. Funding: The company raised pre-Series A funding worth $2.5 million from Mitesh Majithia back in December 2015. At the time the company said that it planned…

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