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ItzCash parent Ebix to buy YouFirst Money. In its second acquisition in the remittance space in India within a week, US-based software services firm and ItzCash parent Ebix Inc has agreed to acquire the money transfer service scheme (MTSS) business of YouFirst Money Express Pvt. Ltd.

The deal comes soon after it bought BSE-listed Wall Street Finance Ltd’s MTSS assets for $7.4 million. The company did not disclose the deal value. However, according to a person privy to the development, the firm shelled out a little more than what it had spent to buy Wall Street Finance’s assets. The development also comes three months after Ebix acquired Essel Group’s fintech arm ItzCash Card Ltd for $120 million.

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“It has a market share of around 15% of Western Union’s India inward remittance flow. The acquisitions of YouFirst and Wall Street Finance’s MTSS inward remittance assets will give Ebix a 25% share of the inward international remittance market in India, strengthening its position in the financial exchange market in the country,” Ebix said in a statement.

YourFirst has 36 MTSS branches and over 10,000 sub-agents across India. It claims to handle over 2.3 million transactions annually worth over $800 million.

“ItzCash has more than 75,000 physical retail outlets in the country. With the two acquisitions, its distribution network will reach 94,000 outlets,” it said.

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