RCMS acquires Acemoney
FinTech BizNews Service
Mumbai, November 7, 2023: The Board of Directors of Radiant Cash Management Services Limited (RCMS) today approved the signing of the definitive agreement to acquire a majority stake in Aceware Fintech Services Private Limited (Acemoney), a leading Kochi-based fintech company.
Acemoney provides comprehensive and advanced digital banking solutions designed specifically for retail outlets, cooperative banks and cooperative societies in rural areas. Acemoney’s tech expertise and digital capabilities position RCMS favourably to leverage the growth in digital transactions by offering an innovative phygital platform that combines cash and digital banking services to customers in Tier 3+ regions. RCMS will acquire 57% of Acemoney in an all-cash deal.
Acemoney was founded by Mr Jimmin James Kurichiyil and Ms Nimisha J. Vadakkan to offer digital banking solutions to the large rural population newly integrated into the banking system . However, these people have yet to access the digital banking services their urban counterparts enjoy. Post the transaction, the founders will retain a significant minority stake in Acemoney and play a crucial role in driving the Company's rapid growth.
Col. David Devasahayam, Chairman and Managing Director of RCMS, said, “Acemoney is a strategic fit for RCMS, and 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.”
He added, “India has nearly 100,000 rural cooperatives, many of which have not yet adopted digital banking. Likewise, India has added over 400 million bank accounts in recent years, but most have yet to move from physical banking to digital banking. Additionally, although thousands of micro ATMs have been added in the country, there is currently no service provider to replenish cash at these locations. With Acemoney’s digital solutions and RCMS’ physical network in Tier 3+ cities, we are poised to play a critical role in financial inclusion of this large section of population and unlocking significant growth potential.”
He further added that “this partnership will create a unique phygital platform with significant synergies including (i) cash and digital payment options to rural retail outlets (ii) cash replenishment to micro ATMs, (iii) retail cash management services to end-customers of cooperative banks and cooperative societies and (iv) leveraging the wallet services of Acemoney for more efficient fulfilment of the cash management services.”
Jimmin James Kurichiyil, founder of Acemoney, said, “RCMS has a strong pan-India footprint and an excellent network in rural India that is the ideal target market for our products and services. We are excited to partner with Radiant to bring our products and services to rural retail customers and banks. We look forward to a period of strong growth and profitability.”
