Mobileware Technologies, an API banking and digital payments company, has raised US $ 4.75 million in investments from Danish payment services Kvanto to fund the development of advanced product features for their banking platform Hosted API as well as other banking technology products. The company’s marketing and sales initiatives will also be expanded to increase its presence in the banking and payments industry in India and abroad.
Mobileware’s flagship product – TransXT – is an API Banking platform that extends the digital infrastructure / services from a bank to businesses in the form of simple plugins. It gives one-stop API access to banking products / services such as account opening, bill payments, QR based payments, aadhaar activated payments, loans, insurance and many more. FinTechs have easy access to Mobileware’s platform through built-in SDK access on mobile and other devices. In the area of banking technology, Mobileware offers digital payment switches and payment orchestration systems to major banks like Yes Bank, Kotak Bank, Fincare Small Finance Bank, Suryoday Small Finance Bank, NSDL Payments Bank, among others .
Kvanto has a global reach, with over 400 banks using their payment gateway services. Their white label solution can be integrated with existing customer applications, ensuring safe and reliable transactions. Using the combined technology, Mobileware will offer an enhanced portfolio of services to banks and other partners.
“Our association with Kvanto comes at the right time, as the digital payments industry in India is booming. for digital and contactless transactions, and the digitization of banking services as part of the Digital India campaign has made it even easier for people to access, ”said Satyajit Kanekar, CEO of Mobileware Technologies. He adds, “With Kvanto’s knowledge and experience in digital payments, we are sure to develop advanced products that will add value to the digital economy in India and abroad. “
“To meet local requirements and provide the Kvanto payment platform to banks across India, Kvanto has chosen Mobileware Technologies as a specialist partner to work with,” said Kvanto CEO Jesper Skorstengaard. “Mobileware brings a wealth of experience and great credibility to this market, which should accelerate our access to the market,” he added.
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