Chennai-based payment gateway platform IppoPay Technologies, on Thursday said it has bought fintech-focussed IT products and services firm Roamsoft Technologies Pvt. Ltd in an all-cash deal, marking its second acquisition so far.
Financial details of the deal were not disclosed.
With this buyout, IppoPay plans to onboard a team of over 40 developers and to boost its in-house capabilities.
Roamsoft is primarily engaged in the business of developing products and providing technology services to startups especially in the fintech and e-commerce space.
Founded in November 2020 by Mohan K and Jaikumar R, IppoPay is a payment aggregator that allows businesses to gather and accept client payments. It primarily operates in semi-urban India, enabling small enterprises, SMEs, freelancers, and homepreneurs in tier II, III, and rural areas to make digital payments.
“We see this acquisition akin to organic growth for us due to cultural fit that Roamsoft brings to the table. Ultimately, the goal of such acquisitions is to optimize time on development and bring people on board who can add value to us in the next phase of growth,” said Mohan K.
“IppoPay is a great cultural fit for Roamsoft. We are joining the IppoPay family and continue on our growth journey,” said Sofiya.T, chief executive officer of Roamsoft.
Tutelar enables AI-based risk-free onboarding, dispute resolutions, KYC fraud detection, transaction fraud detection, mis-selling prevention etc, benefiting not only the principals such as merchants and banks but also the intermediaries such as PAPGs (payment aggregators and payment gateways), issuers and payments processors and switch networks.
To strengthen its infra piece, the IppoPay had also appointed former Billdesk and HDFC Bank official Atish Shelar as chief operating officer. He joined IppoPay from M2P, a known payments infrastructure company.