LifePay Enters Asian Market with iboxPro Acquisition
The deal represents LifePay’s first attempt to conquer the Asian market
Mar 06, 2015
Payments service LifePay, part of the investment portfolio of Russian investment fund Life.SREDA, has acquired iboxPro, a leading Asian mobile point of sale service.
A new company, LifePay Global, has been born out of the acquisition and will combine the services of both companies. It was officially launched last Monday at the Finovate fintech conference, and will be headquartered in Singapore. It has its sights set on becoming the leading mPOS company in Southeast Asia by 2017.
The Indonesian, Thai and Vietnamese markets, in which iboxPro currently operates, represent a combined population of 411 million. LifePay Global plans to be processing $40 million worth of transactions per month by the end of the year, which represents a tenfold increase from its current $4 million. The company also plans to expand to China and the Philippines.
Vladislav Solodkiy, LifePay Global Managing Director:
"The reason for our attention to mPOS projects is the fact that today they are the fastest-growing. That is quite understandable: they have one of the lowest CPAs and the highest customer base growth rate. No other financial technology demonstrates such growth speed, low customer acquisition cost, and upsell capabilities."
John Langer, ibox:
"Today’s main competitive advantage is the ability to use data, analyze it the right way, and implement the results. Modern smartphones and tablets turn each payment into a unique source of data valuable for management and development."
This deal is demonstrative of Life.SREDA’s recent announcement that it plans to scale back its investments in Russia, focussing its resources on its principal domestic asset, LifePay, and overseas markets.
A new company, LifePay Global, has been born out of the acquisition and will combine the services of both companies. It was officially launched last Monday at the Finovate fintech conference, and will be headquartered in Singapore. It has its sights set on becoming the leading mPOS company in Southeast Asia by 2017.
The Indonesian, Thai and Vietnamese markets, in which iboxPro currently operates, represent a combined population of 411 million. LifePay Global plans to be processing $40 million worth of transactions per month by the end of the year, which represents a tenfold increase from its current $4 million. The company also plans to expand to China and the Philippines.
Vladislav Solodkiy, LifePay Global Managing Director:
"The reason for our attention to mPOS projects is the fact that today they are the fastest-growing. That is quite understandable: they have one of the lowest CPAs and the highest customer base growth rate. No other financial technology demonstrates such growth speed, low customer acquisition cost, and upsell capabilities."
John Langer, ibox:
"Today’s main competitive advantage is the ability to use data, analyze it the right way, and implement the results. Modern smartphones and tablets turn each payment into a unique source of data valuable for management and development."
This deal is demonstrative of Life.SREDA’s recent announcement that it plans to scale back its investments in Russia, focussing its resources on its principal domestic asset, LifePay, and overseas markets.