Triterras to Acquire Minority Interest in ECAPS For $4M; Forge Partnership

Triterras Inc TRIT inked a letter of intent for a strategic partnership and minority interest acquisition in Singapore’s Electronic Cash and Payment Solutions (S) Pte Ltd., (ECAPS) for $4 million.
Triterras can elect a board member in ECAPS under the arrangement.
ECAPS is an open banking platform catering to India’s emerging Micro, Small, and Medium Enterprise (MSME) marketplace.
ECAPS also plans to expand into Southeast Asia, particularly in Indonesia, Vietnam, and the Philippines.
Triterras recently closed the acquisition of Middle East supply chain finance platform, Invoice Bazaar, and forged a partnership with Western Union Business Solutions.
Price action: TRIT shares traded lower by 2.29% at $6.32 on the last check Monday.