Novatti, an Australian Securities Exchange-listed payments firm, announced that it has acquired Malaysian fintech ATX for AUD 9.5 million (US$7.1 million) according to MarketScreener.
ATX’s management team, including the founders who will be filling in as CEO and director for strategy, will stay on after the deal concludes.
This acquisition will enable Novatti to utilise its environment and assets to grow the current ATX business in Malaysia which includes its e-wallet.
Novatti will also be able to dispatch extra services by offering other value-added items to ATX’s client base.
ATX offers a variety of B2B and B2C payment services with a network that includes over 31,000 touchpoints that allow residents to pay invoices, buy cards, recharge cards, and send money.
Novatti has been a working partner with ATX since 2015, largely focused on leveraging the former’s technology in providing digital payment solutions to Malaysian businesses.
Earlier this month, Novatti had secured AUD10.5 million (US$7.9 million) during a Series A funding round to launch its banking subsidiary, Novatti B Holding Company (NBHC).
Kelly Koh, Co-Founder and Director Strategy at ATX said,
“This acquisition will strengthen the financial ecosystem of Malaysia by making digital payments more accessible to businesses and individuals. We will now target the untapped markets with new innovative payments solutions that Novatti brings to the table. We are really excited and look forward to continuing our growth trajectory with Novatti.”
Featured image: Edited from Unsplash
