Singapore-based DCS Innov, a subsidiary of DCS Fintech Holdings, acquired wallet-as-a-service (WaaS) provider HolyWally.
DCS Innov stated that this strategic move is a major step in its global expansion, notably into the US and Europe.
DCS Innov will be able to take its wallet apt InstaWally global and offer a new WaaS solution that lets enterprises offer the same payment experience to their end users internationally in a single app after the acquisition.
According to the release, DCS Innov will use HolyWally’s global clientele to form affiliate partnerships that support InstaWally’s basic payment services worldwide.
InstaWally is anticipated to launch this year in the US, UK, Europe, and Japan, where HolyWally has partnered with Zenus Bank, Monavate, and FinMirai.
DCS Innov’s strategic alliances with EpisodeSix, a worldwide cards processor, Visa, and Mastercard deepen this global proposition.
This enables a simple and valuable “Lift-&-Shift” approach where companies can integrate once to InstaWally and then offer the same app to their customers across locations without additional integration.
Before the acquisition, DCS Innov hired HolyWally to deliver a WaaS solution that embeds DCS Card Centre (DCSCC) core payment services like cards, virtual bank accounts, and Web3 payments via DCS Tokens in a white-label iOS and Android mobile app.
This technology lets fintechs and other non-financial companies establish a mobile app with payment and loyalty capabilities in weeks without building infrastructure or payment capabilities.
Read also- Kuwait-Based Kem has Secured $3 million in Funding
The wallet solution includes core payment services and strategic partner add-ons including remittance, in-app QR payments, live chat, and more, which are constantly improved to improve the wallet app’s user experience.
This DCS Innov wallet app, called “InstaWally,” is sales-ready and will launch in the third quarter of 2024.
“The acquisition of HolyWally marks a significant leap forward for DCS Innov’s ambition to support fintech enablement globally, Payments connect businesses and consumers across the world. With global travel and portability being increasingly ubiquitous for both work and leisure, we have a social responsibility to make payments seamless, secure and swift, and provide a user experience that is easy to navigate and consistent to use, regardless of where a business or individual is located,” said Ceridwen Choo, Chief Executive Officer of DCS Innov. It is doubtless to expect payment services to be increasingly available and consumed within mobile apps; I am therefore very confident that the combined expertise and assets of both entities will spur immediate growth and drive efficiencies in delivering payment solutions that are relevant, and quick to launch and scale for our clients, The acquisition is also just in time for us to incorporate a flavour of HolyWally into the launch of our WaaS solution, InstaWally,” she added.
The statement states that HolyWally Co-Founder and CEO Veljko Vasic will join DCS Innov as Chief Commercial Officer, and HolyWally’s core team of developers will join DCS Innov.
“For the past three years, HolyWally has established its presence as a revolutionary e-wallet provider for clients across the US, Europe, and Singapore,” said Veljko Vasic, Co-Founder and Chief Executive Officer of HolyWally. We share DCS Innov’s vision of providing fintechs, brands and retailers with a comprehensive and adaptable platform that avails payment services to their end users, By bringing the strengths of both teams under a single entity, we will be able to scale resources effectively to take our solution into global markets at speed,” he added.
DCS Innov plans to use HolyWally’s acquisition to become a global wallet-as-a-service and cards-as-a-service provider for fintechs and non-financial enterprises.
DCS Innov, a subsidiary of DCS Fintech Holdings, was founded in February 2024 to commercialize DCS Card Centre (DCSCC)’s regulatory licenses for credit and charge card issuance, merchant acquiring, and payment operations.
Read also- Israel-Based Guardoc Health has Secured $3 Million in Seed Round funding
DCS Innov can provide fast and easy payment services as an independent service provider that combines regulatory approvals, operations resources, and technology platform.
Forging more strategic collaborations to boost its fintech enabling capabilities globally will widen and accelerate growth potential via a “as-a-service” operating model beyond Singapore, said the statement.
About DCS Innov
DCS, Card Centre will spearhead next-gen payments in Singapore and the region, while DCS Innov will enable co-creation and development of integrated payment solutions for consumers and companies.
