DMI Finance on Monday announced that it has acquired a controlling interest in prepaid payment instruments licence holder, Appnit Technologies.

“Appnit will become a subsidiary of DMI Finance,” it said.

It did not disclose details about the value of the transaction.

“Appnit’s customer-facing brand Oxymoney provides services including various wallet services, money transfers, AePS, utility bill payments and micro ATMs through its distribution network across India,” the statement said, adding that Oxymoney will be rolling out new wallet based pre-paid products — including pre-paid cards — and will be expanding its distribution network.