Radiant Cash Management ventures into fintech with Acemoney acquisition

Radiant Cash Management Services (RCMS) has made a move into the fintech sector by acquiring a 57% stake in Acemoney, a company that offers an integrated platform for both cash and digital banking. This strategic acquisition, an all-cash deal, marks a significant step toward expanding digital banking solutions, particularly for the large rural population newly integrated into the formal banking system.

In an interview with CNBC-TV18, David Devasahayam, the Chairman and Managing Director (CMD) of the ₹1,067 crore market capitalisation company said it is set to introduce two key products, micro-ATMs, and QR codes, into tier 3 and tier 4 locations.

“We are focusing on deploying over one lakh micro-ATM in the next two years with RBI subsidy and per micro-ATM the revenue potential is about Rs 850 per month. So, we are looking at close to ₹8.5-9 crore of additional revenue per month and this is what we are targeting for the next two years,” he said.