M2 Global (BSX:M2G), a leader in online electronic payment systems, today announced that it has acquired all assets of iKobo, an international person-to-person remittance firm.
iKobo's money transfer service is card-based and uses a Visa Prepaid Card issued by Visa international's member bank, Global Bank of Commerce, which enables recipients to get cash from over 1,000,000 ATMs worldwide and use their card wherever Visa debit cards are accepted. The acquisition fits perfectly into M2 Global's strategy to offer the most secure and flexible financial transactions available.
M2 Global's proven e-business infrastructure will quickly integrate iKobo's customers to provide a secure and smooth transition for cardholders. iKobo's Visa Prepaid Debit Card program has been a proven transfer service for over 5 years, and the business provides an ideal addition to M2 Global's payment solutions.
"Our ability to efficiently integrate iKobo's technology into our existing platform will greatly reduce the operating costs of iKobo's remittance business, resulting in higher margins and profitability," said M2 Global's CEO, Mike Muscato. "This is an ideal business acquisition for us and we are excited about our ability to serve iKobo customers and grow this business." iKobo customers who were issued cards from various banks will now be supported by GBC, M2's international banking partner. A hotline and other customer support actions are underway to ensure iKobo customers can soon resume sending and receiving money worldwide.
The iKobo Visa Prepaid Debit Card product with be added to M2's portfolio of prepaid debit card products that include GlobeWallet, and will managed with M2 Global's established technology platform.