Advertisment

ItzCash owner Ebix acquires money transfer business of YouFirst Money Express

author-image
CIOL Writers
New Update
Equifax appoints former GE exec Mark Begor as its new CEO

US-based software services firm Ebix has acquired the money transfer service scheme(MTSS) of YouFirst Money Express. The firms did not disclose the financial details of the deal.

Advertisment

“Following up on the Wall Street Finance’s Money Transfer Service Scheme business acquisition announcement a few days back, the acquisition of YouFirst is a significant announcement in our efforts to expand our presence in the Financial Exchange markets in India,” Ebix Chairman and CEO Robin Raina said in a statement.

“We expect that the consolidation of YouFirst and Wall Street assets into our existing Financial Exchange infrastructure will enhance our operating margins substantially, in the financial exchange segment in India,” he added.

Ebix had recently acquired 80 percent stake in ItzCash for Rs 800 crore. The company has also committed $100 million for investments and acquisitions in the Indian market.

This acquisition will give Ebix a 25 percent share of the inward international remittance market in India. “The acquisition will not only help expand our reach but also help nurture cross-selling and increased revenue opportunities for our distribution outlets,” added Robin Raina.

The two acquisitions will increase the distribution reach of Ebix’s ItzCash to over 94,000 outlets across the country. ItzCash’s own remittance business has a domestic remittance volume of approximately $100 million per month.

fintech ma