Fobi AI to Acquire Digital Wallet Platform Wallet-Com

Artificial intelligence (AI) and data intelligence company Fobi AI agreed to acquire Wallet-Com, a digital wallet agency.

The move will help Fobi, which focuses on digital transformation, enhance its solutions suite by incorporating formal strategy and consulting services into its technology stack, according to a Wednesday (Oct. 17) press release.

The transaction terms stipulate an initial purchase price of 29,010 euros about ($30,600), which will be paid through the issuance of common shares of Fobi, the release said.

Wallet-Com is based in Spain and has a presence in France, Portugal, Chile, Peru and Mexico. It serves over 200 global customers in mobile and digital marketing, loyalty programs, media, customer relationships and data management.

Through the acquisition, Fobi intends to expand its portfolio to consulting services and mobile marketing, per the release. Fobi will also have access to Wallet-Com’s customer base, enhancing its presence in Spanish-speaking markets.

“This collaboration not only broadens our global footprint but also opens doors to exciting new prospects and innovative opportunities…,” Fobi AI CEO Rob Anson said in the release.

The acquisition comes as more consumers turn to digital wallets for everyday use.

The PYMNTS Intelligence study “Digital Bill Payments: Frequent Mobile Wallet Bill Pay Users the Most Satisfied,” created in collaboration with ACI Worldwide, examined consumers’ digital wallet experiences of the past year and found satisfaction among users.

Of those surveyed, 60% said they had used mobile wallets to pay bills in June, higher than the 49% who did so last fall.

The study found that 89% of consumers who used a mobile wallet to pay bills were at least somewhat satisfied with the experience, and 61% reported being very or extremely satisfied. Thirty-nine percent of those surveyed were bridge millennials, and 38% were millennials, who frequently used mobile wallets to pay bills.

Overall, 23% of consumers used mobile wallets to pay bills at least once a week, according to the study.

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