Nium Announces Acquisition of Wirecard Forex

Singapore-based Nium, a financial technology infrastructure platform, signed a definitive agreement to acquire Wirecard Forex India Pte. Ltd(Wirecard Forex),one of the leading businesses in the Foreign Exchange Agents.

The latest deal is expected to close in Q3 2021, subject to customary closing conditions, including approval by the local banking control authority. Terms of the deal were not disclosed.

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Wirecard Forex is licensed by the Reserve Bank of India as an Authorized Category II Money Exchange Dealer (AD II), offering foreign currency exchange, pre-paid card, and remittance service.

According to the official press release, with the new acquisition, Nium can directly engage in a variety of payment services activities across the subcontinent, including currency conversion, money transfer, and pre-paid card issuance.

Wirecard Forex has 23 branch locations in India, including New Delhi, Mumbai, Kolkata, Chennai, Gurgaon, Hyderabad, Pune, and Bengaluru. Post-acquisition, all of its 190 employees will all join Nium. 

Pratik Gandhi, Nium's Chief Operating Officer, commented, "Nium continues to expand its global operations through strategic acquisitions. Wirecard Forex has extensive reach throughout India and will enable us to deliver next-generation payment services across all major metropolitan cities."

Last month, Nium signed an official agreement to acquire Ixaris​, a leader in travel payments optimisation. The transaction is expected to close early in the third quarter of 2021. Ixaris provides flexible funding and payment methods that help airlines and online travel agents (OTAs) in the £230 billion travel sector reduce surcharges, earn rebates, flatten FX fees, and streamline reconciliation.