Lynx Global Digital Finance Corporation has announced the closing of its acquisition of a significant stake in StyloPay, as the firm strengthens its focus on card integration.
Through the deal with StyloPay, a platform as a service (PaaS) provider for global card issuance, digital banking, cryptocurrency and remittance, the firm has also deepened its footprint in Southeast Asia.
Michael Penner, Chief Executive Officer of Lynx, commented: “The Global Prepaid Card Market size was valued at $2.01 trillion in 2019 and is predicted to reach $18.47 trillion by 2030, with a CAGR of 22.5% from 2020-2030.
“We believe that providing local small and medium businesses with the ability to offer their customers, vendors and employees a prepaid card will be one of the significant driving forces to banking the unbanked and driving economic growth in the region.
“We are keen to work with StyloPay’s integrated platform to empower any business to offer various financial services to its customers, thereby opening the digital economy to many more.”
Avishek Singh, Chief Executive Officer of StyloPay, added on the deal: “We are pleased to announce Lynx’s investment in StyloPay, which we believe will bring synergy to the product ranges of StyloPay and Lynx group of companies.
“This relationship will help our B2B clients launch digital banking, remittance and card programs across geographies, including SEPA, North and Latin America, Asia and the Middle East. Full API stack is available to our business partners for easy integration into their interfaces.
“We, along with Lynx, will continue in our endeavour to develop products and services that will help customers to take their first step towards a safer and a more convenient way to spend and manage their cash.”