Singapore-based Tower Capital Asia has acquired a majority stake in AXS Pte Ltd, Singapore’s multi-channel payment solutions provider. Tower Capital Asia is a private equity firm that invests into the middle-market space across a wide range of industries in Southeast Asia. It was founded in 2016 and backed by pre-eminent international institutional investors.
Following the acquisition, Tower Capital PE Fund I, LP, a fund managed by Tower Capital Asia, immediately became the largest shareholder in AXS. Existing shareholder DBS Bank retains a 9.9% stake in the Company. Tower Capital Asia intends to support the Company in its growth plans. AXS will expand its presence within the Southeast Asian payments ecosystem.
AXS was incorporated in 2000 and has served the payment needs of consumers and merchants in Singapore for 23 years. Over one million users can access over 600 payment services via its network of over 660 AXS self-service kiosks and AXS e-Station web-based and AXS m-Station mobile-based applications.
Tower Capital Asia intends to transform AXS into a regional cloud-based payment solutions provider. It will pledge investment in technological innovation and expansion of services to deliver a more powerful and seamless payments experience to merchants and consumers. It will strengthen existing business operations to ensure continuous service to clients and users who utilise AXS channels.
Pursuant to the deal and subject to regulatory clearance, AXS co-founder and more recently CEO of the NETS Group Mr Jeffrey Goh will be returning to the Company. An industry veteran backed by thirty years of experience, Mr Goh has a demonstrated track record of innovation within the digital payments industry.
“It would be truly a homecoming for me, to be able to rejoin AXS which I helped found and whose business I remain deeply passionate about. The digital payments landscape has evolved significantly in the last two decades, and I look forward to forging a new collective vision for AXS with my teammates and Tower Capital Asia.”Mr Jeffrey Goh, CEO, NETS Group