Dvara KGFS acquires digital financial services platform TransactNow

Our Bureau Chennai | Updated on July 28, 2021

The non-deposit taking NBFC is starting a new Channel – KGFS Digital

Dvara KGFS, a non-deposit taking NBFC, announced that it has acquired ‘TransactNow’, a digital platform from early phase tech start-up Transact Nexus Tech Private Limited, for an undisclosed sum.

TransactNow offers digital financial services to the unbanked and underserved population. The current transaction will help the rural-focussed Dvara KGFS to strengthen its digital platform and take its financial services offerings closer to the rural customers.

“With this, Dvara KGFS is starting a new Channel – KGFS Digital — which will foray into the agent driven business model providing an array of financial services to rural customers through Agent Touch Points located in close proximity to the villages in line with the Omni-Channel Strategy envisaged by Dvara KGFS,” the company said in a press release.

“We are excited about the acquisition of TransactNow. The team and technology will help us to scale up our Digital channel - a network of agents offering all our products with a great amount of transaction convenience to customers in the close proximity of their village. We are hoping that this initiative would help customers avoid travel during the pandemic and avail all financial services in their village,” Joby CO, CEO, Dvara KGFS said in the release.

According to the company website, TransactNow empowers retailers and Farmers Producers Organisations (FPOs) with CRM-based – Super point-of-sale (POS) that works on cloud computing to carry out the banking digital services and commerce. Its service offerings also include domestic money transfer, Aadhar Banking, mobile recharge services, micro-ATMs among others.

“There is a huge potential for financial services in rural India which remains untapped. We decided to help Dvara KGFS to tap that by developing a software which will help the rural population carry out all their financial transactions on digital mode through the agent network,” Sathiskumar, CEO of Transact Nexus Tech Pvt Ltd was quoted in the release.

Sathiskumar will lead the KGFS Digital channel and will foresee the scaling up of the agency network.

Published on July 28, 2021

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