Muthoot Fincorp acquires 54% stake in Paymatrix

Gold loan company Muthoot Fincorp has picked up 54 per cent stake in Hyderabad-based fintech startup Paymatrix by buying out existing investors as part of its added focus on digital payments segment.

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"We now hold majority in Paymatrix, having given full exit to many of the existing investors. We've acquired 54 per cent equity shareholding in the startup through a combination of primary and secondary investments," Muthoot Pappachan Group chairman Thomas John Muthoot told.