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Net1 to invest $40m

Alternative payment system provider Net1 UEPS Technologies will invest upto $40 million in mobile wallet service company MobiKwik. “As part of the strategic partnership, Net1 will invest $40 million in MobiKwik. In addition, through our technology agreement, Net1’s Virtual Card technology will be integrated across all MobiKwik wallets in order to provide ubiquity across all merchants in India,” the statement said. MobiKwik’s current shareholders include Sequoia Capital, Tree Line Asia, American Express, Cisco Investments, GMO Payment Gateway and MediaTek, as well as Bipin Preet Singh and Upasana Taku, the founders and executive officers.

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