Payment Fintech Segovia Acquired by Crown Agents Bank

CABIM Ltd, the parent company of Crown Agents Bank has announced that it has received all required regulatory approvals, to finalise its acquisition of the enterprise business and payment gateway product of Segovia, a US venture-backed technology company focused on frontier market payments. The deal will allow Crown Agents Bank to offer a uniquely scalable, flexible and efficient payment solution for global businesses paying money into frontier and developing markets. Crown Agents Bank will extend its payment network and FX capabilities, integrating Segovia’s mobile money solutions and modern payments infrastructure.

The acquisition, which was first announced in April this year, follows a long relationship between the two companies, which have been working together since 2017 and share a common mission: making payments to and from emerging markets easier, faster, more secure and cost-effective. Their clients include international businesses with large payment flows across developing markets such as banks, non-bank financial institutions, governments, donors and international development organisations. 

Albert Maasland, CEO of Crown Agents Bank: “We realised synergies with the Segovia team from early on. Our trusted heritage and extensive global networks and Segovia’s leading mobile technology solutions come together to offer a unique service to our customers all over the world. By working together and improving efficiencies, we are in a prime position to improve financial inclusion and support economic growth. I am therefore delighted that the deal has now closed, and that we can start building on our combined vision for the future.”

SOURCE: AGENCIES