JP Morgan backs India-based payments firm

In-Solutions Global (ISG), an India-based payments solution provider has received an undisclosed amount as a strategic investment from JP Morgan.

Photo credit: Shutterstock

Founded in 2004, ISG encourages the faster adoption of modern payment technologies and promotes scale through its proprietary payments-as-a-service platform. The company, which supports more than 17 billion transactions annually, operates across India, Africa, the Middle East, and Australia.

JP Morgan will help ISG unlock opportunities in payments offerings across the Asia Pacific as the US-based firm looks to expand its merchant services capabilities in the region, which accounts for the largest retail ecommerce sales in the world, the investment bank said.

JP Morgan is “the only bank” in the Asia Pacific that can offer an end-to-end and holistic payments experience at scale, ranging from merchant acquiring to treasury services and trade, said Madhav Kalyan, the company’s managing director and head of payments for the region.

Earlier this year, ISG acquired an in-principle approval from the central bank of India to operate both as a payment aggregator and a prepaid payment instruments issuer, the company said.

See also: Funding Societies swipes right on payments in SEA