• Thu. Feb 22nd, 2024

airpay acquires Finmapp to expand its financial service ecosystem

By Gloria Mathias

November 23, 2023

  • Acquisition News
  • Airpay
  • Finfinity Technology

airpay airpay, an India-based integrated financial services platform, has announced the acquisition of Finfinity Technologies, a Delhi-based personal finance management start-up and the developer of the Finmapp app.

The acquisition would fortify airpay’s integration play across the ‘payments to lending to investing’ ecosystem.

Finfinity Technologies was founded by Kumar Binit and Manoj Kaushik. Kumar has more than two decades of experience in consumer banking, product development, and implementation, while Manoj has more than a decade of experience in system architecture and server-side solutions.

Finfinity introduced its app, Finmapp, which offers a range of tools and services, including Financial Planning, Tax Planning, Debt Management, Risk and Age-Based Advisory and recommendations, and assessment. Finmapp has partnered with more than 40 banks and financial institutions and offers access to 150+ products.

Kunal Jhunjhunwala, Founder and MD, airpay, said, “Having achieved significant growth over the past two years, airpay is actively seeking inorganic opportunities to further expand its horizons,” adding, “I welcome Kumar, Manoj, and Team Finfinity to the airpay family. We believe there are synergies in vision, tech prowess, and value proposition among both the companies that led us to our first-ever acquisition in our 11+year journey. We are thrilled to have Team Finfinity on board and hope we continue to shape the financial empowerment to inclusion agenda together through technology and relationships.”

Upon the finalisation of the deal, Finfinity’s team, comprising the founders and all the employees, will be absorbed within airpay. The acquisition, expected to be completed by March, will also aid airpay’s expanding global presence, enabling it to extend its integrated proposition of “payment to lending to investing” across its target markets.

airpay has revolutionised access to financial services in India by empowering a million business owners, extending financial inclusion, and providing last-mile connectivity. Finmapp will enrich airpay’s financial inclusion proposition owing to its tech stack and app-first strategy.

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