Paysafe announces plans to acquire iPayment while global retail giant Walmart is reported to be in the midst of a majority purchase of Indian ecommerce company Flipkart. And in other news, Mastercard expands India technology hub and Stripe enables Sage customers to get paid twice as fast.
Here’s your weekly news roundup!
Payments technology provider and PF Paysafe announces plans to acquire iPayment. The press release links the recent announcement to the London-based company’s already publicized investment strategy to expand its presence in North America.
“iPayment is an excellent strategic fit with Paysafe in terms of its comprehensive product offering, customer-centric focus and overall strategic vision,” explains Paysafe President and CEO Joel Leonoff via the same release. “By bringing our two organizations together, we will be able to further strengthen our wide-ranging payments processing suite and expose it to a broader audience of merchants and consumers. We are all looking forward to the multiple opportunities this combination brings to the market.”
Focusing largely on the small business sector, this recent acquisition plan complements the company’s 2017 acquisition of SMB payments provider Merchant Choice Payments Solutions – previously reported on here.
Walmart likely to purchase majority share of Indian ecommerce company Flipkart. In a noteworthy acquisition that Reuters is reporting as Walmart’s largest in the online business sector, the retail giant is reported to have made a proposal for 51% of Flipkart for an estimated value of $10 to $12 billion.
The same article explains how the recent acquisition would set Walmart up as a more direct competitor with Amazon for India’s budding ecommerce market – a market Morgan Stanley estimates to be worth $200 billion in the next decade, according to Reuters.
The online publication also reports that local media have set the stage for a counter offer from Amazon for the Indian ecommerce company. As for the approval process of the deal itself, The Economic Times has reported that some key shareholders have recently agreed to the terms though Softbank still remains in the discussion phase.
Online education platform Teachable raises $4 million to turn teaching into an online business. Put simply, experts in their field can take their niche coursework from an online platform (like Udemy) to a branded domain that enables them to build an entire suite of educational materials, according to TechCrunch.
“In the past, if you wanted to teach courses, you could either put it in the marketplace or have it on your own website — with your brand and domain name and full control of everything — but there’s no easy way to do it,” according to Teachable founder Ankur Nagpal. “It’s the difference between listing a physical good on Amazon and having your own storefront. While you could make a few thousand dollars on Udemy, you couldn’t build a sustainable business selling courses for $10 to $15.”
The recent fundraising efforts come with a $134 million valuation as the company expects to be profitable by the end of Q4 this year, according to the same article.
Mastercard fuels the move towards cashless with expansion efforts at its Vadodara Technology Center. Part of the company’s vision to “build a world beyond cash in India and beyond,” the 65,000 square foot facility will serve as a collaboration space to foster the development of digital commerce in India’s ever-expanding digital economy, according to the company’s press release.
“With its incredible pool of talent and opportunities for digitization, India is a strategic market and innovation hub for Mastercard,” said Co-president Asia Pacific Mastercard Ari Sarker in the same release. “The expansion of our Technology Centre in Vadodara is an extension of our undertaking to drive the next level of growth and support the government’s agenda to shape a digital future and less-cash society in the market.”
Over the past few years, the state-of-the-art facility has provided the infrastructure necessary for contributions to the “Make in India” and “Digital India” campaigns. And in 2017, the global brand collaborated with the Indian government to launch Bharat QR.
Stripe enables UK Sage customers to get paid 2x faster. Sage, a market leader in cloud business management solutions, has partnered with payments company Stripe to enable new invoicing functionality for Sage Business Cloud Accounting, according to Global Banking and Finance Review.
The collaboration enables UK companies to fully digitize all their invoicing efforts and get paid through credit and debit cards in real time. The same article also reports that chasing payments is one of the “greatest barriers to productive growth” for companies in the UK today.
“Sinking resources into needlessly laborious tasks isn’t a good use of time for any business,” said Iain McDougall, UK Country Manager at Stripe, via the same article. “Stripe develops tools and features that make running and growing an internet business easier. We’re excited to work with Sage to improve payments experiences and simplify payment reconciliation for their customers, all the while reducing pay out times for many suppliers.”