Ebix acquires YouFirst Money Express to expand its remittance and forex services in India
With a network of over 36 branches, YourFirst Money Express is engaged in the business of international inward remittance and foreign exchange
Less than three months after it bought India-based digital payments services company ItzCash for US$120 million, US-based on-demand software and e-commerce services firm Ebix has agreed to buy the money transfer service scheme (MTSS) business of Mumbai-based startup YouFirst Money Express.
This is Ebix’s second acquisition over the last few days, following its acquisition of MTSS assets of Wall Street Finance Limited on August 17. According to Ebix, these two acquisitions will give it approximately 25 per cent of the inward international remittance market in India.
With 75,000-plus physical retail outlets for ItzCash’s financial exchange, the two latest acquisitions increase that distribution reach substantially to over 94,000 outlets across the country.
Ebix Chairman, President and CEO Robin Raina, said. “Following up on the Wall Street Finance’s MTSS assets acquisition announcement a few days back, the acquisition of YouFirst is a significant announcement in our efforts to expand our presence in the Financial Exchange markets in India. It will not only help expand our reach, but also help nurture cross selling and increased revenue opportunities for our distribution outlets. We expect that the consolidation of YouFirst and Wall Street assets into our existing Financial Exchange infrastructure will enhance our operating margins substantially, in the Financial Exchange segment in India.”
Started in 2013, YouFirst Money Express is a wholly owned subsidiary of YouFirst Ventures, which is promoted by former Citibanker and RCap Executive Vikrant Gugnani. It is engaged in the business of international inward remittance and foreign exchange. With its own network of 36 MTSS branches and over 10,000 sub-agents across India, YouFirst Money Express claims it handles over 2.3 million transactions with an annual throughput of over US$800 million.
YourFirst claims it has marketshare of almost 15 per cent of Western Union’s inward remittance flows in India.
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Ebix provides on-demand solutions ranging from infrastructure exchanges, front-end and back-end enterprise systems, outsourced administrative & custom software development solutions, and risk compliance solutions for various entities involved in these industries. With 40-plus offices across Australia, Brazil, Canada, India, New Zealand, Singapore, the US and the UK, Ebix powers multiple exchanges across the world in the field of life, annuity, health and property and casualty insurance.
Through its various SaaS-based software platforms, Ebix employs hundreds of domain specific business and technology professionals to provide products, support and consultancy to thousands of customers on six continents.
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Image Credit: Ebix
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