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ItzCash parent Ebix buys Wall Street Finance’s arm, remittance business

17 August, 2017

US-based software services firm Ebix Inc said it will acquire BSE-listed Wall Street Finance Ltd’s subsidiary Goldman Securities Ltd, along with its money transfer service scheme (MTSS) business, for $7.4 million.

The development comes three months after Ebix acquired Essel Group’s fintech arm ItzCash Card Ltd for $120 million.

“The acquisition of these MTSS inward remittance assets, which control around 10% of the market, would strengthen Ebix’s position in the financial exchange market in India,” Ebix said in a statement.

In June, ItzCash managing director Naveen Surya –- who recently resigned from his post –- told VCCircle that after the Ebix deal, ItzCash was ”looking at inorganic opportunities to grow its business and planning to foray into SME lending and international remittances through acquisitions.”

ItzCash claims to be the largest remittance exchange in India with a domestic remittance volume of around $100 million per month. The latest deal will enhance Ebix’s participation in the country’ remittance channels and allow it to remit money sent from abroad through Western Union, Ria or InstaCash.

With the acquisition, Wall Street Finance’s network of 10 branches and over 9,000 sub-agents will be added to Ebix. ItzCash already has a network of over 75,000 retail outlets.

Ebix chairman, president and CEO Robin Raina said, “This acquisition will not only help expand our reach in the country but will establish Ebix as a key player in the international remittance exchange markets.”

The agreement is subject to shareholders’ approval.

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ItzCash parent Ebix buys Wall Street Finance’s arm, remittance business

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