Revenue Group Bhd, a leading provider of cashless payment solutions, is set to expand its revenue streams through the acquisition of a 51% stake in Innov8tif Holdings Sdn Bhd for RM36 million. This strategic move aims to propel Revenue Group beyond e-payment solutions and into the digital ID solutions industry, capitalizing on Innov8tif Group’s extensive customer base in the region.
Innov8tif Holdings Sdn Bhd, which comprises Innov8tif Solutions Group and Xendity Sdn Bhd, is a renowned digital ID solutions provider specializing in ID verification technology. Their expertise lies in supporting e-Know Your Customer (e-KYC) processes, e-Know Your Business (e-KYB) verifications, anti-fraud measures, customer onboarding automation, and mobile biometric authentication.
With an impressive market share of over 70% in Malaysia, Innov8tif Group stands as the largest digital ID assurance solutions service provider in the country.
Revenue Group’s ED, Teh Chee Hoe, highlights that the acquisition of Innov8tif Group marks a pivotal moment for the company, expanding their offerings beyond e-payment solutions and solidifying their entry into the digital ID solutions industry. The move aligns with their vision of becoming a frontrunner in the digital economy race, aiming to extend their dominance across Southeast Asia (SEA) by strategically acquiring potential businesses and partners in the digital payment and digital banking sectors in the future.
This acquisition positions Revenue Group to capture a significant share of the rapidly growing digital ID and payment solutions market. By leveraging each other’s strengths, both companies will provide integrated digital solutions and cashless payment gateway services, enhancing the overall user experience in Southeast Asia.
15 May 2023