India-based payment solutions provider In-Solutions Global Ltd (ISG) has secured an investment from global financial services firm JP Morgan.
The deal’s appeal partly comes from ISG’s long-time established market presence starting in 2004, as well as the 17 billion client transactions processed each year through ISG’s GeniusTM Payments-as-a-Service (PaaS) platform.
Jason Tiede, Global Head of Fintech and Partnerships for Payments at JP Morgan, said: “At JP Morgan, we are committed to delivering best-in-class digital capabilities to our clients across the globe.
“ISG is a recognized leader and innovator in the payments ecosystem with a track record of partnering and scaling with banks, fintechs and merchants.
“Combining our forces through this strategic investment will enable JP Morgan to deliver globally consistent and locally relevant payment solutions to our clients as they grow their businesses today and into the future.”
By being ISG’s first strategic investor, JP Morgan is also providing evidence of its ambitions towards the Asia Pacific (APAC) regional payments market by unlocking untapped opportunities.
The region is responsible for the most retail eCommerce sales in the world, with JP Morgan announcing additional plans to soon go live in seven local markets.
Madhav Kalyan, Head of Payments for APAC, JP Morgan, commented: “The APAC payments space continues to evolve rapidly and this investment is testament to our commitment to help our clients digitalize, optimise and simplify their payment operations in one of the fastest growing e-commerce regions in the world.
“We are the only bank in the region that can offer an end-to-end and a holistic payments experience at scale – ranging from merchant acquiring, to treasury services and trade – and will continue to invest in solutions that are integrated and scalable for clients operating in or expanding into the region.”
ISG has also released a statement, in which the company’s Co-Founder and Managing Director Adelia Castelino described the partnership as a ‘validation’ for ISG’s capabilities to tackle global markets.
“ISG has been a trusted partner to all leading banks in India for the past two decades, and the strategic partnership with JP Morgan is a validation of our capabilities and potential to create products for global markets,” Castelino said.
“This partnership is key to our next phase of growth, as we continue to invest in strengthening our products and expand in international markets.
“ISG is committed to providing robust digital payment solutions to our clients and partners, so in turn their customers can receive best-in-class and seamless payment experiences.”