{"id":548724,"date":"2023-07-12T11:40:47","date_gmt":"2023-07-12T10:40:47","guid":{"rendered":"https:\/\/ibsintelligence.com\/?post_type=ibsi_news&p=548724"},"modified":"2023-07-12T11:40:47","modified_gmt":"2023-07-12T10:40:47","slug":"tower-capital-asia-acquires-majority-stake-in-payments-firm-axs","status":"publish","type":"ibsi_news","link":"https:\/\/ibsintelligence.com\/ibsi-news\/tower-capital-asia-acquires-majority-stake-in-payments-firm-axs\/","title":{"rendered":"Tower Capital Asia acquires majority stake in payments firm AXS"},"content":{"rendered":"

\"TowerSingapore-based, Tower Capital Asia<\/a> announced its acquisition of a majority stake in AXS Pte Ltd , a multi-channel payment solutions provider.<\/p>\n

Following the acquisition, Tower Capital PE Fund I, LP, becomes the largest shareholder in AXS, while existing shareholder DBS Bank continues to retain a 9.9% stake in the Company. Further to this, Tower Capital Asia intends to support the Company in its growth plans, which includes expanding AXS’s presence within the Southeast Asian payments\u2019 ecosystem.<\/p>\n

Commenting on the transaction, Tower Capital Asia, Founder and CEO, Danny Koh<\/strong> said, “We are very pleased to welcome AXS into our ever-growing portfolio of category-defining companies. A frontrunner in the digital payments industry, AXS pioneered multi-channel cashless payments in Singapore. The recent explosion in digital payments globally is providing formidable tailwind for AXS, an established player, to seek growth via new business segments and markets.”<\/p>\n

CEO and Founder of AXS, Joey Chang<\/strong> said, “We are exhilarated to join hands with Tower Capital Asia. Their investment is more than a nod to what we have built through the years; it is also a strong show of belief in our execution ability and growth potential. We are extremely excited for what the future holds for AXS.”<\/p>\n

As part of its post-investment value creation plan, Tower Capital Asia intends to transform AXS into a regional cloud-based payment solutions provider, pledging investment in technological innovation and expansion of services to deliver a seamless payments experience to merchants and consumers alike, while strengthening existing business operations to ensure continuous service to clients and users who utilise AXS channels.<\/p>\n

Pursuant to the deal and subject to regulatory clearance, AXS co-founder and more recently CEO of the NETS Group, Jeffrey Goh will be returning to the Company.<\/p>\n

“It would be truly a homecoming for me, to be able to rejoin AXS which I helped found and whose business I remain deeply passionate about. The digital payments landscape has evolved significantly in the last two decades, and I look forward to forging a new collective vision for AXS with my teammates and Tower Capital Asia,” said Goh<\/strong>.<\/p>\n","protected":false},"author":16,"featured_media":548726,"parent":0,"template":"","categories":[11382,11384,11397],"tags":[13531,36875,12306,11438,19246,11418,16035,11478,36874],"class_list":["post-548724","ibsi_news","type-ibsi_news","status-publish","has-post-thumbnail","hentry","category-cloud","category-payments","category-saas","tag-acquisition","tag-axs","tag-dbs-bank","tag-digital-payments","tag-expansion-plans","tag-instant-payments","tag-merchant-payments","tag-singapore","tag-tower-capital-asia"],"acf":[],"yoast_head":"\nTower Capital Asia acquires majority stake in payments firm AXS<\/title>\n<meta name=\"description\" content=\"Singapore-based, Tower Capital Asia announced its acquisition of a majority stake in AXS Pte Ltd , a multi-channel payment solutions...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ibsintelligence.com\/ibsi-news\/tower-capital-asia-acquires-majority-stake-in-payments-firm-axs\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tower Capital Asia acquires majority stake in payments firm AXS\" \/>\n<meta property=\"og:description\" content=\"IBS Intelligence (IBSi) is the world\u2019s only pure-play Financial Technology focused research, advisory, and fintech news analysis firm, with a 30-year track record and clients globally. 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