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Cab aggregator Grab acquires iKaaz mobile payments startup

Ride-hailing application Grab acquires mobile payments startup iKaaz for an undisclosed amount.
BY BEx Bureau
BusinessEx
Jan 17, 2018

Southeast Asias ride-hailing platform Grab which competes with Uber Technologies has acquired Bengaluru-based payment solution provider iKaaz, a company statement revealed.

The statement did not disclose the amount of the deal.

The statement added that the company plans to strengthen its payments platform GrabPay with the acquisition of iKaaz payments platform.

Grab commented on the acquisition that, "rich functionality of iKaaz' mobile payments platform and its experienced leadership team will accelerate feature development and partner integration of GrabPay (its payments platform)".

Grab is currently operational in Southeast Asian countries likeMalaysia, Indonesia, Philippines, Vietnam, Thailand, Myanmar, and Cambodia.

In 2014, mobile payments startup was launched by Soma Sundaram in order to provide services like NFC, QR-code, bill payments, audio-based payments and online payments. The startup platform claims to have successfully done 28+ million transactions and 74 per cent users are active on the platform. After the acquisition, the startup team will merge with the Grabs Research and Development team operational in Bengaluru.

Jason Thompson, GrabPay Southeast Asia Managing Director said, "We look forward to leveraging the expertise of iKaaz's leadership team and build GrabPay into Southeast Asia's universal payments platform together. The flexibility and scalability of startup make it ideally suited for Southeast Asia's diverse payments landscape and large unbanked population."

Last year, grab has also acquired Indonesias tech-based payment solution provider Kudo for $100 million.

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