Singapore’s DCS Innov acquires digital wallet fintech HolyWally
DCS Innov, the Singapore-based paytech innovation arm of DCS Fintech Holdings launched in February, has acquired Wallet-as-a-Service (WaaS) platform provider HolyWally for an undisclosed sum.
DCS Innov acquires WaaS provider HolyWally
The HolyWally white-label digital wallet platform enables businesses to build and manage their own digital wallets and, launched in 2021, claims to be one of the industry’s first WaaS solutions.
DCS Innov itself has already tapped the platform to create its own wallet app solution called InstaWally which, enabling companies to embed cards, virtual bank accounts and Web3 payments from the DCS Card Centre (DCSCC) into their own propositions, is said to be “currently sales-ready and set to onboard its first client in the third quarter of 2024”.
DCS Innov says that acquiring HolyWally will “bring InstaWally global” and will enable the firm to provide its clients with a WaaS solution “that allows companies to offer the same payment experience to their end users worldwide”.
It also plans to “harness HolyWally’s existing global clientele to forge affiliate arrangements that support the basic payment services offered within InstaWally across multiple geographies”.
HolyWally has already formed partnerships with companies including Zenus Bank in the US, Monavate in Europe and FinMirai in Japan.
Through the acquisition, HolyWally co-founder and CEO Veljko Vasic will join DCS Innov as chief commercial officer, with the company’s core team of developers also set to become “an integral part of the DCS Innov team”.
Reflecting on the purchase, Ceridwen Choo, CEO of DCS Innov, says that she is “very confident” that the combined assets and expertise of both companies will “spur immediate growth and drive efficiencies in delivering payment solutions that are relevant, and quick to launch and scale for our clients”.
“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,” adds Vasic.
