Apis Growth Fund II, a private equity fund managed by Apis Partners, has agreed to sell the whole of its interest in third-party payments enabler International Tutuka Holdings to Salt Pay Co.

The transaction is subject to customary closing conditions, including regulatory approvals, and is expected to close in the second quarter of 2021.

“We are delighted that SaltPay has identified Tutuka as accretive to its own business as it seeks to provide an end-to-end solution to its customers around the world,”, said Apis Partners’ Managing Partner and Co-Founder, Udayan Goyal.

“The addition of this essential component to the Salt Pay product offering will deliver significant benefits to all its stakeholders.”

The Fund invested in Tutuka in August 2019, acquiring a 62.6% shareholding in the company.

Over the course of the investment, Apis has leveraged its expansive network in global financial services to help Tutuka grow its international presence and has seen the company more than double the number of clients onboarded annually.

As a result of the transactions the Fund will become a shareholder in Salt Pay and will continue to play an integral role in assisting Tutuka with its continued growth.

Tutuka’s management team will remain as management and shareholders.

Tutuka is a global card issuer processor operating across emerging markets and is active in 33 markets across five continents.

It is known for its unique processor plus model that helps fintechs, telcos, transfer providers, mobile wallets and digital banks issue Mastercard, Visa and UnionPay cards.

The organization has performed strongly, especially during Covid, with both client pipeline and profits showing significant growth during the Fund’s investment.

SaltPay is a provider of payments and value-add software solutions to Europe-based SMEs.

The acquisition of the Fund’s interest in Tutuka will enable Salt Pay to accelerate merchant growth by providing a new suite of services in the issuing vertical.

“Tutuka has capitalised on the acceleration of the structural shift from cash to electronic payment; improving financial inclusion in the digital economy through the issuance of physical and virtual payment cards,” said Apis Partners’ Managing Partner and Co-Founder, Matteo Stefanel.

“We are excited to continue along this journey and to deliver greater financial access and convenience on a truly global scale.”

Rowan Brewer, Tutuka CEO, added: “We’re excited to be joining this journey with Salt Pay to expand our service to clients and reach our ambition of processing across more than 100 countries. As management, we are proud to remain as shareholders.”