JPMorgan has invested an undisclosed amount in Mumbai-based payment solutions provider In-Solutions Global Ltd (ISG).
ISG, established in 2004, provides digital payments solutions including banking solutions, e-governance service, payment gateways working with banks, non-bank financial institutions, acquirers, issuers and card scheme networks. Its payments-as-a-service platform, which supports more than 17 billion transactions annually, simplifies the payment collection process for its clients.
The investment into ISG helps JPMorgan to unlock more opportunities in payments offerings across Asia Pacific (APAC), as it captures additional payment methods in the region.
“ISG is a recognized player in the payments ecosystem with a track record of partnering and scaling with banks, fintech companies and merchants,” said Jason Tiede, global head of fintech and partnerships for payments, JPMorgan.
The bank is the first strategic investor into the Mumbai-based company.
“Through this strategic investment will enable JPMorgan to deliver globally consistent and locally relevant payment solutions to our clients as they grow their businesses today and into the future,” he added.
ISG got approval from the Reserve Bank of India earlier this year to operate both as a payment aggregator and a prepaid payment instruments issuer. It has clients across North America, Central Europe, West Asia, and Africa, and Asia Pacific region including India..
“The strategic partnership with JPMorgan is a validation of our capabilities and potential to create products for global markets. This partnership is key to our next phase of growth, as we continue to invest in strengthening our products and expand in international markets,” said Adelia Castelino, co-founder and managing director of ISG.
The investment follows JPMorgan’s announcement in October, which highlighted its plans to ramp up its Merchant Services capabilities in APAC, where it is looking to offer the full spectrum of payments services to corporates.
“The APAC payments space continues to evolve and this investment is testament to our commitment to help our clients digitalize payment operations in one of the fastest growing e-commerce regions in the world,” said Madhav Kalyan, head of payments for APAC, JPMorgan.