The Mumbai – based digital payments giant, Benow, has bought the Gurugram – based digital payments startup, Finmo and their trademark product, DigiBharat, yesterday (08/11/2017) according to sources from Benow. All existing merchants (over 500) acquired by Finmo will be hired as Benow merchants over the next few weeks. Finmo was founded in 2016. It employed a UPI – enabled mobile banking app which enabled customers to do net banking with any bank they had an account in and enabled them to send and receive money. Read more on Acquisitions
“We strongly believe that acquiring Finmo will help us strengthen our base in the industry and in turn increase our merchant and customer base deeper in India”, said Sudhakar Ram, founder and CEO of Benow.
Chirag Saini, co-founder of Finmo said, “Joining forces with Benow make us more competent to achieve the goal of a less cash India. Benow founding team’s depth of experience will help us achieve great things ahead”.
Quite a few digital payment startups got funded or acquired this year. They include the digital payment startup, Mobikwik in which Bajaj Finance bought a 10.83% stake for Rs. 225 crores. The digital payments startup, MobiQuest secured an undisclosed amount of funding from Paytm during July, this year (2017) just to name a few. Read more on Startup News