26/11/12: London based specialist advisory firm FT Advisors Limited, part of the Anthemis Group, advised Network International, UAE’s largest acquirer and one of the leading payment solution providers on its acquisition of a majority stake in TimesofMoney, India’s leading online remittance and digital payments service provider.
The acquisition enables Network International to open up a much-needed online remittance service in the key GCC - India corridor. It also enables the company to introduce a number of new value-added remittances and retail based services by leveraging TimesofMoney’s strong foothold in the global money transfer sector and in the payment services space in India.
The significance of this agreement is underpinned by the fact that India is one of the highest remittance receiving countries in the world, estimated at US$ 64 billion annually. The value of the GCC-India remittance corridor is valued at approximately US$ 25 billion annually and growing. Overall, the cross border remittance market is estimated at approximately US$ 415 billion globally.
Bhairav Trivedi, Chief Executive Officer of Network International, said, "We are delighted that TimesofMoney is joining the Network International family as part of our ongoing strategy to provide best in class remittance services to our customers. FT Advisors was instrumental in helping us achieve this milestone through its strong domain expertise and structuring experience. Having advised on the original purchase of 49% of NI by Abraaj Capital, FT Advisors continues to support our business through its experience, network and expertise."
Udayan Goyal, Managing Director of FT Advisors added, "We are proud to be involved with yet another landmark transaction in the financial technology sector. NI's acquisition of TimesofMoney and its Remit2India and Remit2Home brands is part of a wider strategy to make NI a global leader in remittances. We have been involved in advising NI on this strategy through a combination of organic product build out and inorganic acquisition led growth as part of a long term goal to make NI a leading global payments company. "