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Future Enterprises Ltd issued a press release stating the acquisition of a 55% stake in fintech startup LivQuik Technology (India) Pvt. Ltd, which operates the QuikWallet mobile app. The company said in a press release, “The acquisition will be completed within two years during which Future Enterprises will pay Rs. 20 crores for the stake and Rs. 5 crores, additionally, if required.”
LivQuik, which is an RBI-approved prepaid payment issuer, also offers solutions relating payment gateways and enterprise fintech software development services.
Future Group’s chief executive officer, Kishore Biyani said, “Future Group has a very active and growing user base of consumers on the group’s digital wallet. With the acquisition of LivQuik, we will simplify mobile transactions for our customers across our network in the country.”
The Future Group also said that it intends to pick up the remaining stake in the company over the next two years to set up its own payment gateway for digital transactions.
Future Group announced a partnership with Oxigen Services for using its payment wallet and gateway back in 2016. However, in the same year, the company launched its own wallet, FuturePay. Future Pay which is the group’s digital wallet has an active user base of over 6.5 million.
