LifePay Acquires iboxPro

lifepay-avatarLifePay, a Russia-based mPOS service backed by venture capital firm Life.SREDA, acquired iboxPro to grow in Southeast Asia.

The amount of the transaction was not disclosed.

iboxPro, which currently provides its mPOS service with in the Vietnamese, Indonesian and Thai markets, are merging with LifePay to create a new company, LifePay Global, with headquarters in Singapore and services available in the above mentioned markets and Russia.

LifePay Global’s product and technology line now includes Chip&PIN and Chip&Sign readers along with an ecosystem of software and hardware business solutions and services, including CRM and business analytics and mPOS installation equipment for points of sale and small businesses that have mobile cash register with built-in MDM system. In Q2 2015, the company plans to launch a number of new services including pre-order service for HoReCa, online loans, online acquiring, and digital wallet.

LifePay Global, which has more over 20,000 customers and 50,000 active mPOS readers in use, partners with TechComBank (one of the largest banks in Vietnam) and national payment system BankNet, with Mayapada, a large financial and trade group in Indonesia, as well as with Probiznesbank, Binbank and VTB24 in Russia.
By the end of 2015, the company plans to increase the amount of processed transactions to $40 million per month and enter the Chinese and Philippine markets.



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