Sri Lanka’s prominent digital payment platform, Payable, has been acquired by the regional technology firm Short Circuit, marking a notable advancement in Payable’s mission to enhance digital payment solutions within the nation.
This acquisition is anticipated to significantly boost Payable’s digital payment functions and broaden its network of merchants, thereby reinforcing its role in Sri Lanka’s dynamic fintech landscape. With Short Circuit’s global experience and integrated technological capabilities, Payable seeks to expedite merchant adoption, foster innovation in financial technology, and offer enhanced payment solutions to enterprises throughout Sri Lanka. As part of its strategic growth plan, Payable aims to incorporate an additional 100,000 merchants into its network over the next four years, further promoting digital payment acceptance across the country.
Founded in 2016, Payable has established itself as Sri Lanka’s foremost payments technology company, enabling businesses to process digital payments through secure, scalable, and modern solutions. Currently, the company serves over 40,000 merchants across the island, providing smooth payment experiences via its rapidly growing acceptance network.
Yohan Wijesiriwardane, CEO and Co-Founder of Payable, expressed that “this acquisition signifies a crucial milestone in Payable’s development. With Short Circuit’s support, we are poised to enhance our technology, extend our market reach, and roll out innovative solutions that transform the way businesses and consumers engage in transactions. Our commitment is to deliver efficient, accessible, and future-oriented payment solutions that facilitate Sri Lanka’s shift towards a digitally inclusive economy.”
Rajendra Theagarajah, Chairman of Payable, commented on the merger, stating that “the collaboration of these two entities presents a unique opportunity for both companies to capitalize on their existing strengths. This will enable us to offer a robust payments layer seamlessly integrated with ERP systems to Short Circuit’s current customer base while also targeting new business segments that prioritize agility and competitive pricing.”
Bhanuka Harischandra, Group Managing Director of Short Circuit, remarked on the acquisition, saying, “Since its founding, Payable has led the charge in transforming how Sri Lankan businesses conduct transactions. This merger merges the strengths of both companies, allowing us to accelerate fintech innovation and boost merchant adoption. Together, we have the opportunity to propel digital payments in Sri Lanka for the foreseeable future.”
As part of the acquisition agreement, Short Circuit will invest USD 2.5 million into Payable to facilitate this next growth phase. The funding will be used to expand Payable’s network of merchants and introduce cutting-edge payment solutions like Soundbox and SoftPOS, while also developing advanced technological tools to assist merchants in effectively managing and growing their businesses. By aligning with global payment trends and harnessing Short Circuit’s capabilities, Payable aims to enhance the overall payment experience for both merchants and consumers.
Payable collaborates closely with local banks, international card networks, and technology partners to deliver innovative payment solutions that streamline digital transactions for both merchants and consumers. Through its ongoing expansion and dedication to merchant-focused payment innovation, the company has positioned itself as a key player in Sri Lanka’s evolving fintech ecosystem, contributing to the acceleration of the country’s adoption of digital payments.
Source: Financial Chronicle Biz English | Sri Lanka Business News.
