Digital payments company Benow, has acquired Gurgaon-based Finmo and their flagship product DigiBharat with immediate effect in a cash and stocks deal. All existing 500+ merchants acquired by Finmo will be on-boarded as Benow merchants, over the next few weeks.
Commenting on the acquisition, Sudhakar Ram, Founder and CEO, Benow adds, “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. Finmo also has a strong entrepreneurial team that understands the payment space in India, adding to Benow’s talent base. As a combined entity, we have the capability and momentum to become a leader in enabling neighborhood merchants to accept digital payments”.
Chirag Saini, Co-Founder, Finmo, further adds, “Joining forces with Benow makes 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.”
Benow is a digital payments platform offered by Cashless Technologies India Limited (CTIL), a start-up incubated by software solutions firm, Mastek, in early 2016. Benow, with a merchant base of more than 10,000 across India helps local merchants grow their business and stay competitive by leveraging digital platforms for customer engagement and accepting digital payments through mobile. Led by Mastek Founder and ex-CEO, Sudhakar Ram, the company’s world class team of co-founders brings in expertise from various industries such as retail channels, payments, banking and technology. Benow was one of 21 successful start-ups (among more than a 1000 applicants) that was mentored under Reliance’s GenNext Scalerator programme.
Finmo, co-founded by Rishabh Jain, Chirag Saini and Dipesh Nagpal, is a FinTech company enabling digital payments for offline retail merchants. The flagship product DigiBharat™ enables Peer-to-Merchant (P2M) payments from 60+ apps powered by the Unified Payments Interface. Finmo was one of the top 10 finalists for PayPal’s Incubation Challenge among more than 250 start-ups from across the country.