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Radiant Cash Management Services Limited (RCMS) Ventures into Fintech with Acemoney Acquisition

Overview: RCMS, a prominent financial entity, has unveiled its strategic move into the fintech domain through the acquisition of a majority stake in Acemoney, a leading Kochi-based fintech company. The Board of Directors at RCMS has granted approval for the definitive agreement, signaling the onset of a significant collaboration.

Acquisition Details:

• Stake Acquisition: RCMS will acquire approximately 56.93% of Acemoney in an all-cash deal, positioning itself to harness the potential of digital transactions in Tier 3+ regions.
• Strategic Value: Acemoney specializes in providing advanced digital banking solutions tailored for retail outlets, cooperative banks, and cooperative societies in rural areas. This expertise aligns with RCMS’s objective to offer an innovative “phygital” platform, seamlessly integrating cash and digital banking services.

Founders’ Vision:

• Founders: Founded by Mr. Jimmin James Kurichiyil and Ms. Nimisha J. Vadakkan, Acemoney is on a mission to extend digital banking solutions to the vast rural population recently integrated into the banking system.
• Retained Stake: Post-acquisition, the founders will retain a significant minority stake in Acemoney, actively contributing to the company’s rapid growth.

Strategic Positioning:

• Growth Catalyst: Col. David Devasahayam, Chairman and Managing Director of RCMS, emphasizes the strategic fit of Acemoney, foreseeing substantial growth potential. The collaboration aims to capitalize on the surge in digital transactions across the nation.
• Market Scope: With nearly 100,000 rural cooperatives and a large population transitioning from physical to digital banking, the partnership seeks to play a pivotal role in financial inclusion and unlock growth opportunities.