Two Southeast Asian payment companies that specialise in using social media to facilitate money transfers are in serious acquisition talks and expect the deal to be done in the coming months.
The Singaporean online payment company fastacash has been approached with an acquisition offer from Myanmar’s MyPay and are moving forward with the deal, fastacash General Manager Mark Carter told e27.
The deal has been approved by Fastacash shareholders and is expected to be completed in the next 60-90 days.
The two companies do have a history together. In October 2015, fastacash made a strategic investment into MyPay to bring the social payment technology into Myanmar.
Carter said the acquisition will not impact fastacash’s ability to sign new deals or support clients. Finally, he said “provisional work’ has been done to manage internal costs.
In related news, the former Co-founder and CEO of Fastacash Shankar Narayanan — who fully left the company in 2015 — has rejoined the Fastacash.
fastacash recently was the winner of MAS Fintech Awards (Singapore Open) and took away S$250,000 (US$178,000). The event was held during the weeklong extravaganza called Singapore FinTech Festival held by the city’s Central Bank (MAS) in November, 2016.
The two companies use technology to allow people to pay one another directly via social media and messaging apps. They can facilitate services like remittances, merchant payments and cross-border money transfer.
Launched in 2012, Fastacash has raised US$23.5 million to date, according to crunchbase. Besides the strategic investment from Fastacash, MyPay’s fundraising situation is unclear.
CORRECTION: An earlier version of this article wrote “not support fastcash’s ability….”. It meant to read ‘not impact’. Also, Shankar Narayanan left fastacash in June 2015, not June 2016. The errors have been fixed.