The UK-and-Netherlands-based fintech-focused venture capital firm, Finch Capital has reached an agreement to acquire Wirecard Payment entities in Hong Kong, Malaysia, Philippines, and Thailand – through Nomu Pay, a vehicle that invests in payment assets.
The transactions are expected to be completed in May 2021 for Thailand, Malaysia, and Hong Kong, and the Philippines later in the year.
Founded in 2013, Finch Capital’s mission is to fund and support the entrepreneurs creating products that shape the future of finance.
This news comes two weeks after Nomu Pay announced plans to acquire Wirecard Turkey as well.
Aims to build a unified payment company
The investment is part of Nomu Pay’s strategy to build out a leading unified payment company in high-growth customer segments in EMEA and Asia.
Post these deals, Nomu Pay will be active in five countries, with access to markets of 300 million people and a GDP equal to that of India.
Radboud Vlaar, Managing Partner Finch Capital, comments: “As a pan-European and pan-Asian firm we are bullish on the growth in these regions and have reserved significant capital to invest in them through Nomu Pay. Acquiring Wirecard APAC’s key entities provides us with access and infrastructure to invest in improving the payments landscape for millions of people.”
Hans de Back, Managing Partner at Finch Capital, comments: “The Covid-19 outbreak has drastically accelerated Southeast Asia’s shift to a cashless world, with unprecedented growth in the number of e-payment transactions. With this acquisition, we hope to play a substantial role in the next frontier of the region’s payments infrastructure.”
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