Nearex

Nearex, a Singapore-headquartered financial software company, was established in 2012 to address the complexities of cashless micropayments in emerging markets. The company was co-founded by Mayank Sharma (CEO) and Arun Tanksali (CTO), both veterans of the mobile technology industry. Sharma's vision was to create a cashless system that could rival the convenience and affordability of cash, while Tanksali brought a passion for driving the societal adoption of electronic cash through technology. Nearex operates with a development facility in Bangalore, India, and focuses on providing payment technology tailored for growth markets.

The company's core offering is the Xip platform, a comprehensive payment technology solution. This platform is designed to be versatile, supporting various payment methods including NFC, QR codes, and biometrics. It enables a range of use cases such as bank payments, mobile money integration, transport fares, and aggregated payments. Nearex's business model is primarily B2B, targeting financial institutions, mobile operators, and system integrators. The platform provides these clients with the necessary tools to build and scale their own payment networks, integrating seamlessly with existing mobile wallets or core banking systems through robust APIs.

Nearex's product suite includes several key components. The XipPOS is a low-cost, mobile point-of-sale terminal for merchants. For consumers, Nearex offers the XipTAG, a secure contactless card or sticker linked to their mobile money accounts. The ecosystem is further supported by the XipAPP, which includes applications for merchants, consumers, and agents, and SDKs for customization. A significant feature is the capability for offline transactions through a stored-value system, ensuring functionality even in areas with limited connectivity. The company has received funding, including a Series B round in July 2015 led by Tata Capital Growth Fund, with participation from other investors like BEENOS Asia and Xinvesco.

Keywords: micropayments, payment technology, emerging markets, cashless solutions, mobile money, contactless payments, financial software, NFC payments, QR code payments, mobile POS, payment gateway, fintech, B2B payments, stored-value payments, payment aggregation, Xip platform, Arun Tanksali, Mayank Sharma, Singapore, Bangalore