Financial Inclusion Network & Operations (FINO), an Indian financial services company, has bought the local mobile payment unit of Finland’s Nokia.
The deal value was not disclosed but a spokesperson for FINO said that the acquisition is a complete…
Financial Inclusion Network & Operations (FINO), an Indian financial services company, has bought the local mobile payment unit of Finland’s Nokia.
The deal value was not disclosed but a spokesperson for FINO said that the acquisition is a complete buyout, which did not require external funding.
Manish Khera, the CEO of FINO, said the acquisition will allow his company enter the mobile payment market, adding that “this initiative will take us beyond banking services to payments domain and enable direct engagement with customers.”
Headed by Shweta Aprameya and rebranded Takatak Money, the new entity will focus on prepaid payment services, including money transfers, utility bill payments, and airtime top-ups.
FINO claims to already offer banking services to 50 million customers across 50,000 Indian villages. It aims to reach 100 million customers by 2015.