Short Circuit Group has acquired Payable, a Sri Lankan digital payments company, in a deal that adds 4,000-plus merchants and 200 million dollars in transaction volume to the buyer’s portfolio, EconomyNext reported on Tuesday.
The acquisition lets Short Circuit Group “move beyond service delivery into owning and monetising payment flows,” the group said on social media. Managing Director Bhanuka Harischandra framed the deal as a shift in business model. “By acquiring Payable, we’re moving from enabling businesses to actually powering the financial layer beneath them,” he said. “This allows us to own transaction flows, improve revenue quality, and build a much more defensible platform over time.”
Payable has been profitable since the 2022 financial year, EconomyNext reported. The combined business is targeting 10,000-plus new merchants and 8.9 billion dollars in transaction volume over the next five years.
The transaction adds to a growing list of consolidation moves in Sri Lanka’s payments and banking sectors, which have seen state-bank reform, Nations Trust Bank’s HSBC consumer book takeover and Phantom Investments’ Seylan stake build-up in recent months. The deal value was not disclosed.
