JP Morgan invests in Mumbai-based payments provider ISG
1 min read . Updated: 19 Dec 2022, 06:03 PM IST
Premium- The investment in ISG will help JP Morgan unlock more opportunities in payments offerings across Asia Pacific (APAC), as it captures additional payment methods in the region
BENGALURU: Global investment banking firm JP Morgan has invested an undisclosed amount in 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 payment collection process for its clients.
The investment in ISG will help JP Morgan unlock more opportunities in payments offerings across Asia Pacific (APAC), as it captures additional payment methods in the region.
“ISG is a recognised leader and innovator in the payments ecosystem with a track record of partnering and scaling with banks, fintechs and merchants," said Jason Tiede, global head of fintech and partnerships for Payments, JP Morgan.
The bank is the first strategic investor in the Mumbai-based company.
“Combining our forces through this strategic investment will enable J.P. Morgan to deliver globally consistent and locally relevant payment solutions to our clients as they grow their businesses today and into the future," Tiede said.
ISG received approval from the Reserve Bank of India earlier this year to operate both as a payment aggregator and a prepaid payment instruments issuer. ISG has clients across North America, Central Europe, Middle East, and Africa, and Asia Pacific region including India.
“The strategic partnership with JP Morgan 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 JP Morgan’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 rapidly and this investment is testament to our commitment to help our clients digitalize, optimize and simplify their payment operations in one of the fastest growing e-commerce regions in the world," said Madhav Kalyan, Head of Payments for APAC, JP Morgan.
