Chennai’s Radiant Cash acquires majority stake in Kochi’s Acemoney

# acemoney

Chennai: The board of directors of Radiant Cash Management Services Limited (RCMS) on Tuesday approved the signing of the definitive agreement to acquire a majority stake in a Kochi-based fintech company Aceware Fintech Services Private Limited (Acemoney). The fintech provides digital banking solutions designed specifically for retail outlets, cooperative banks and cooperative societies in rural areas.

In a regulatory filing, RCMS said, the consideration for the transaction is Rs 11.2 crore, wherein the company will acquire around 57% of Acemoney in an all-cash deal.
Meanwhile, in a statement, Col. David Devasahayam, chairman and managing director, RCMS, said, “The acquisition is expected to provide a significant fillip to our growth plans and allow us to capitalise on the strong growth in digital transactions that the country is currently experiencing.”