OMA Emirates Group, a Middle East-based payments and financial technology firm, has announced a dedicated fund for investing in India's fin-tech startups.
OMA Emirates FinTech Fund will invest a corpus of $3 million towards startups that have been in operation for 12 months or less, it said in a statement. In addition, it will invest $20 million across other fin-tech verticals and towards innovation of existing products and services. Apart from capital, OMA Emirates will provide support to the startups in terms of technology, best practices and go-to-market strategy, it said.
Niranj Sangal, group CEO, OMA Emirates Group, said, “Within a short span of two years, we have had introduction of numerous payment solutions like digital wallets, mPoS, NFC based payments, BHIM and Aadhar Enabled Payments Systems. Having said this, nearly 60 to 65% of Indian start-ups having the potential to produce a great product cease operations primarily due to lack of funds."
Sangal said the firm would soon start investing from the fund.
OMA Emirates Group caters to the payments industry with solutions ranging from card personalisation to payment issuances. It has presence across the Middle East, Africa and Eastern Europe.
OMA has been looking to establish its presence in India for quite some time and accelerated its operations early this year. It acquired mobile payments firm MobiSwipe in February for an undisclosed amount.