Airpay Expands Financial Services Reach with Acquisition of Finmapp

• ByStartupStory     |    November 23, 2023

Omnichannel financial services platform Airpay has revealed its acquisition of personal finance management startup Finmapp. Established by Finfinity Technologies in September 2020, Finmapp provides a comprehensive suite of tools and services encompassing financial planning, tax planning, debt management, risk and age-based advisory, as well as recommendations and assessments. These offerings aim to assist users in comprehending their spending, saving, borrowing, investment, and financial planning behaviors.

Post-finalization of the deal, the entire team of founders and employees from Finfinity will integrate into Airpay. The acquisition, anticipated to conclude by March 2024, serves not only to strengthen Airpay’s position in the market but also to facilitate its global expansion. With over 40 banks and financial institutions on its platform, Airpay currently extends access to more than 150 products for over 25,000 active users.

Finmapp highlights a significant market gap, citing that 400 million individuals in the monthly income group of Rs 30,000-2 lakh lack a comprehensive financial solution. Among them, 80 percent lack a plan for their financial future, and 90 percent refrain from investing in financial assets due to a lack of understanding.

Kunal Jhunjhunwala, Founder and Managing Director of Airpay, commented on the acquisition, stating, “Having achieved significant growth over the past two years, Airpay is actively seeking inorganic opportunities to expand its horizons further.” This marks Airpay’s first acquisition deal since its launch in 2012. The platform collaborates with more than 200 financial institutions, offering payment solutions to consumers, businesses, banks, and financial institutions across various touchpoints such as web, mobile, call centre, IVR, email, SMS, and face-to-face through more than 100 financial instruments.

Airpay notes the substantial growth potential in the Indian digital EMI user base, projected to reach 100 million by 2026, with the market expected to surge to $45-$50 billion in gross merchandise value. Additionally, digital merchant payments are anticipated to witness an eight-fold increase, surpassing $1 trillion by 2026 from the current $285 billion.

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