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Ripple has succeeded in acquiring a 40% stake in cross-border payments company Tranglo to expand its ODL service in Southeast Asia.
In a statement today March 30, Ripple said that “the acquisition of a 40% stake in cross-border payments company Tranglo was very successful”. At the same time, Ripple said the plan to buy back shares of Tranglo was for the purpose of expanding RippleNet’s ODL service.
Although Ripple has essentially acquired a stake in Tranglo, the completion of the transaction requires regulatory approval, in which investment firm TNG Fintech Group remains a major shareholder in Tranglo.
Owning a stake in Tranglo will help Ripple significantly scale its ODL service in Southeast Asia. Tranglo’s payment infrastructure will bring many advantages to Ripple’s future products.
Founded in 2008, Tranglo is a cross-border payment processing company that assists businesses with mobile payments, money transfers and top-ups. The company has offices in Malaysia, Indonesia, United Arab Emirates and Great Britain.
Asheesh Birla, the general manager of RippleNet, said: “Holding Tranglo’s stake will help Ripple a lot, as it makes cross-border transactions faster, cheaper, and more secure through use blockchain and XRP ”.
Upon completion of the acquisition, Ripple’s Southeast Asia chief executive, Brooks Entwistle and VP of products, Amir Sarhangi, will join Tranglo’s board.
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