Payments technology and transaction processing provider Financial Software and Systems Monday said it has made a ‘strategic investment’ in South Africa based Ecentric Payment Systems by acquiring 46 per cent stake.
“FCC has acquired a 46 per cent stake in Ecentric through a combination of primary and secondary investments, with a potential to further its stakeholding”, city-based FSS said in a statement.
Ecentric, headquartered in South Africa, a Standard Bank subsidiary, is a leading payment stitching and retail value-added services provider.
Ecentric has a strong presence in domestic and other African markets for its payment acceptance solutions.
“We are pleased to join Ecentric as an institutional investor in the company. We see the investment as an extraordinary opportunity to achieve a leadership position in the African payments space”, FSS Managing Director Nagaraj Mylandla said.
“The partnership will help us leverage mutual synergies to strengthen our presence in Africa’s largest markets and drive increased growth for FSS payment acquiring and other solutions”, he said.
Standard Bank Group, Head-Strategic Investments and Alliances, Larry McCarthy said the introduction of FSS as a strategic equity partner into Ecentric will further cement Ecentric’s position as a leading provider of value-added payment services to its clients.
Ecentric CEO Hassen Sheik said the financial and strategic backing from FSS would help Ecentric accelerate product innovation and grow the business in its home market as well as expand to more countries.
“This backing brings us a step closer to achieving our goal of creating a ubiquitous and universal digital payment acceptance market in the continent”, Sheik said.
FSS services global banks, financial institutions, regulators and governments across North America, United Kingdom, Middle East, Africa and APAC
Source: Business-Standard