Fintech company SaveDesk has acquired a 90% stake in another fintech startup Fairexpay for an undisclosed amount.
Following the move, SaveDesk will be able to expand its footprints in fund collection market and cross-border remittances.
The Bengaluru-based startup Fairexpay was founded in 2020, with application programming interface (API) and white-label solutions for businesses to make cross-border payments among its services. It claims to help clients manage their banking charges, boosting their bottom lines by nearly 7%.
Founded by Bhaskar Saravana, Saurabh Jain, Piuesh Daga, and Kranthi Reddi in 2015, SaveDesk having the legal name White Matter Advisory India Pvt Ltd, streamlines cross-border payments for businesses along with foreign exchange risk management, wealth management, debt restructuring, investment banking services, and banking cost optimization. Currently its assets under management stand at $3.5 billion.
Cashfree became the first Indian startup to get a payment aggregator-cross border (PA-CB) license from RBI earlier this month while Escrow’s banking startup Castler got the approval of International Financial Services Centres Authority to offer cross border payment services. Razorpay, and PayGlocal are also in line to get the license.
The global cross-border transaction market pegged at $160 billion in 2023 and is estimated to reach a size of $345.42 billion by 2033.
