UK fintech Mode has bought out the 45% minority interest in operating subsidiary JGOO from Pure NZ Gateway Ltd, giving it full control of its associated partnerships with Tencent and Alipay.
The transaction includes the purchase of JGOO's technology and the rights associated to it.
The technology provides a payment gateway for UK merchants allowing them to accept payments from WeChat Pay and Alipay.
As part of the transaction, Mode has acquired the payment-system technology by way of an irrevocable, perpetual royalty free licence, including the ability to sub-licence the associated software.
The acquisition follows Mode's recent listing on the London Stock Exchange, which raised £7.5 million.
Jonathan Rowland, executive chairman at Mode, comments: "This development is an important milestone towards building a modern financial services business to support an increasingly digitised economy and financial system. By securing our technology and taking back full control of the business, we are underpinning our future strategy and supporting our long-term vision."