The Fatfish Group Ltd (ASX: FFG) share price is up today after news broke of yet another acquisition. Fatfish has announced it will buy a 55% stake in Pay Direct Technology, a Southeast Asian payment gateway provider.
The Fatfish Group share price is currently trading at 12.5 cents, up 8.7% from Friday's closing price.
Let's take a closer look at Fatfish's most recent acquisition.
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Pay Direct acquisition
The Fatfish share price is on the rise after the company advised its 55% stake in Pay Direct will have "impactful synergies" with its buy now, pay later (BNPL) rollout.
Pay Direct operates QlicknPay, a payment gateway technology suite that offers fast payment set up between merchants and financial institutions. It also allows online merchants to accept direct payments through many payment options.
According to Fatfish's release, a payment gateway is an important component in accelerating its BNPL services in Southeast Asia.
Currently, QlicknPay has deals with Malaysian Central Bank's online payment network as well as Mastercard, Visa and Paypal. It's used by more than 500 merchants.
QlicknPay is also used by OCBC Bank, Malaysia's second largest bank, as well as Public Bank Berhad, one of the country's most profitable.
In further news driving the Fatfish share price, the company advised that QlicknPay's popularity resulted in its transaction volume increasing by an average of 43% each month in 2020.
Currently, QlicknPay processes $32 million worth of payments each month and $380 million worth of payments each year.
Fatfish Group will be paying $470,000 in cash for its 55% stake in Pay Direct.
Fatfish has been in the news a lot lately following a string of acquisitions. The company purchased a strategic 85% stake in BNPL company Forever Pay earlier this month, signalling its launch into the space. And, in February, a subsidiary of Fatfish acquired assets from iCandy Interactive Ltd (ASX: ICI).
Fatfish Group share price snapshot
The Fatfish Group share price has been flourishing on the ASX lately, with today's news providing only its latest boost.
Currently, the Fatfish Group share price is up 213% year to date. It's also up by a whopping 1,150% over the last 12 months.
The company has a market capitalisation of around $108 million, with approximately 940 million shares outstanding.
