54pc Stake In Paymatrix Acquired By Muthoot Fincorp
- ByStartupStory | June 22, 2021
Gold loan company Muthoot Fincorp has picked up a 54 percent stake in Hyderabad-based fintech startup Paymatrix by buying out existing investors as part of its added focus on digital payments segment. Paymatrix was set up with a vision to streamline property rent payments and rent collections for tenants and landlords.
Thomas John Muthoot, Chairman, Muthoot Pappachan Group, “We now hold a majority in Paymatrix, having given full exit to many of the existing investors. We’ve acquired 54 percent equity shareholding in the startup through a combination of primary and secondary investments,” he further added, “This investment in Paymatrix will help us extend our existing lending business by giving us a competitive edge in terms of expanding our product offerings and make a foray into new markets and new customer segments.”
The Muthoot Pappachan Group is into gold loans, financial services, automotive retail, realty, hospitality, IT, and alternate energy and sports, employing over 27,000.
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