Revenue Group

What Revenue Group does

Revenue Group Berhad is a Malaysian cashless payment solutions provider founded in 2015 and listed on Bursa Malaysia's Main Market under ticker REVENUE. The company operates an integrated payment platform built around three pillars: revPAY, an Android-based Electronic Data Capture (EDC) terminal platform supporting card payments (Visa, MasterCard, MyDebit, JCB, UnionPay), QR code payments (Alipay, Boost, Touch n Go, WeChat Pay, GrabPay), and mobile wallet acceptance; Digital Services Exchange (DSX), an electronic transaction processing layer monetised via merchant discount rates and commissions; and a B2C Ecosystem comprising the wannaPay e-wallet, BNPL integration (PayLater by Grab), and consumer-facing services. The company deploys over 90,000 EDC terminals, controls approximately 12% of Malaysia's terminal market, processes 84,000 daily transactions with RM 7 million daily volume, and is supported by wholly-owned subsidiaries Revenue Secure (secured card issuing technology and PayNet's MyDebit tokenisation platform), Revenue Safe Nets (e-Services Hub for SMEs with Huawei), and majority-owned Innov8tif Holdings (digital ID verification and e-KYC with 70%+ Malaysian market share).

The company's revenue model combines hardware-related income (EDC terminal deployment, rental, and maintenance, 64.8% of FY2021 group revenue), transaction-based fees from processing electronic payments (20.6%), and solutions and services revenue (14.6%) including tokenisation platforms, payment gateways, and consultancy. Emerging revenue streams include digital MSME lending through Revenue Harvest (online moneylending licence obtained October 2023) and digital ID solutions via the Innov8tif acquisition. Go-to-market is enterprise field sales targeting financial institutions, with strategic channel partnerships spanning retail (Caltex, 420+ petrol stations), transit (KTMB, 80 railway stations), e-commerce (Taobao), and technology (Huawei for SME digital transformation across 900,000+ Malaysian SMEs). Key customers include Public Bank (60,000 terminals), AmBank, OCBC, UOB, First Data Merchant Solutions, CIMB, and TNG Digital. The company has earned Forbes Asia's Best Under A Billion recognition in both 2020 and 2021.

Name

Revenue Group

Legal name

Revenue Group Berhad

Website

https://revenue.com.my

Company type

Public

Founded year

2015

Operating status

Operating

Headcount range

51–100 employees

Short description

Revenue Group Berhad is a Malaysian cashless payment solutions provider operating 90,000+ EDC terminals (12% market share) and integrated payment platforms serving banks, merchants, and consumers across Malaysia with digital transaction processing, digital ID, and consumer lending services.

Ownership category

akta.pro rank

Product category

Electronic Payment Solutions

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320), Credit Card Issuing (522210)

SIC

Finance Services (6199)

akta.pro primary industry

Merchant Acquiring & Processing Platforms (BPAMAFAB)

akta.pro secondary industries

Merchant-of-Record (MoR) & Payment Facilitation (PayFac) Infrastructure (FSAGABAE), Digital Wallet Platforms (Consumer & Merchant) (BPAMAFAC), Prepaid Card Program Managers & Issuers (BIN Sponsors) (FSAMANAK)

Keywords

• Cashless payment solutions
• Electronic transaction processing
• EDC terminal deployment
• Merchant acquiring services
• Payment gateway infrastructure

Headquarters

HQ city

Kuala Lumpur

HQ country

Malaysia

HQ region

Asia

Offices5 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Technology or R&D, Operations, Supply Chain, Personnel, Marketing or Sales, Infrastructure

Revenue model

1. EDC Terminal Deployment: Revenue from deployment, rental, and maintenance of Electronic Data Capture (EDC) terminals to merchants. Contributed 64.8% to group revenue in FY2021.
2. Electronic Transaction Processing: Revenue derived from net merchant discount rate (MDR) from processing electronic transactions via EDC terminals, pre-determined commissions, share of net MDR as third-party payment processor, and share of net MDR as master merchant. Contributed 20.6% to group revenue in FY2021.
3. Solutions and Services: Revenue from payment infrastructure solutions and services including tokenisation platforms, payment gateway solutions, and consultancy services. Contributed 14.6% to group revenue in FY2021.
4. Online Lending: Digital loan and microfinancing services through subsidiary Revenue Harvest, providing e-lending services to micro, small and medium enterprises (MSMEs) with existing database of 100,000+ terminal merchants.
5. Digital ID Solutions: Revenue from digital ID verification technology through 51% stake in Innov8tif Holdings, providing e-KYC, e-KYB, anti-fraud processes, and mobile biometric authentication solutions.

Go-to-market motion1 record

Distribution channels5 records

Marketing channels2 records

Core offering

Revenue Group deploys and operates Android-based EDC (Electronic Data Capture) terminals (revPAY) to physical merchants across Malaysia, enabling acceptance of cards (Visa, MasterCard, MyDebit, JCB, UnionPay), QR code payments (Alipay, Boost, Touch 'n Go, WeChat Pay, UnionPay QR) and mobile wallets through a single terminal. The company processes electronic transactions on behalf of banks and merchants, earning net merchant discount rate (MDR), commissions and share-of-MDR fees, and provides supporting solutions including the MyDebit Tokenisation Platform (built for PayNet), an e-Services Hub for SMEs (with Huawei), an e-wallet (wannaPay), online lending via Revenue Harvest, and digital ID verification through Innov8tif.

Product overview

Revenue Group Berhad is a Malaysian cashless payment solutions provider operating a multi-segment platform consisting of three core product lines: revPAY (EDC terminal deployment and payment acceptance platform supporting card, QR code, and mobile wallet payments), DSX (Digital Services Exchange for electronic transaction processing with merchant discount rate and commission revenue models), and a B2C Ecosystem (encompassing consumer-facing e-wallets like wannaPay, BNPL integrations such as PayLater by Grab, and digital lending services). The portfolio spans terminal hardware, software payment platforms, e-KYC/biometric identity verification (via the acquired Innov8tif Group), tokenisation infrastructure (via Revenue Secure), and digital lending — delivering an end-to-end payment and financial services ecosystem for merchants, financial institutions, and consumers across Malaysia.

Differentiator

Problem solved

Functional benefit

Brands

• revPAY: Fully integrated payment platform for merchants providing electronic data capture (EDC) terminals, QR payments, and card processing services
• DSX
• B2C Ecosystem
• wannaPay

Products and services

• revPAY Fully integrated EDC (Electronic Data Capture) payment platform for physical merchants, deploying Android-based terminals that accept card payments, QR code payments and mobile wallet payments through a single device, with terminal deployment, rental and maintenance as part of the offering.
• Digital Services Exchange (DSX) Digital services exchange platform that connects merchants, financial institutions and consumers within the digital payments ecosystem and facilitates electronic transaction processing through net merchant discount rate (MDR) and commission-based revenue models.
• wannaPay E-Wallet Revenue Group's proprietary consumer e-wallet application that combines shopMyairports duty-free pre-purchase, China health declaration certificate submission and UnionPay QR-based payments for transactions in China.
• MyDebit Tokenisation Platform (TSP) Tokenisation platform developed for PayNet that replaces the 16-digit PAN of MyDebit debit cards with token PANs to enable secure online payments and is integrated with more than 30 Malaysian banks.
• e-Services Hub for SMEs Cloud-based e-services hub offering SMEs access to over 1,000 software applications and digital transformation tools via Huawei's cloud and AI technologies, delivered under a four-pronged strategy of technology provision, platform development, go-to-market and cloud-based ICT solutions.
• Online Moneylending Services (Revenue Harvest) Digital loan and microfinancing services for micro, small and medium enterprises (MSMEs), operated through wholly-owned subsidiary Revenue Harvest using its database of more than 100,000 terminal merchants.

Quantifiable outcome

• Revenue growth of 64% to RM58 million in FY2019
• +3 more outcomes

Named customers9 records

Segments5 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration15 records

AI capability2 records

Feature4 records

Partnerships

13 partnerships are on record, tiered core and minor.

• Innov8tif Holdings Sdn BhdcoreStrategic or Co-development Partner · 10 September 2024Acquisition of 51% stake for RM36 million in Innov8tif Holdings Sdn Bhd, owner of Innov8tif Solutions Group and Xendity Sdn Bhd. Innov8tif Group is digital ID solutions provider with 70%+ market share in Malaysia, specializing in e-KYC, e-KYB, anti-fraud processes, customer onboarding automation, and mobile biometric authentication. Both companies will leverage each other's strengths to offer integrated digital solutions in Southeast Asia.
• NSS IT Solution Sdn BhdcoreStrategic or Co-development Partner · 9 February 2024Joint partnership to reinforce KTMB open payment system enabling passengers to pay using credit cards, debit cards, e-wallets, and KTMB Mobile application (KITS) at automated control gates. System available at 80 stations in Klang Valley and northern region. NSS IT Solution provided Automated Fare Collection and Access Control Gate systems integrated with Revenue Group's payment solutions.
• Keretapi Tanah Melayu Bhd (KTMB)coreChannel Partner/ Reseller/ Distributor · 9 February 2024Open payment system launch enabling passengers to make payments using credit cards, debit cards, e-wallets at automated control gates across 80 stations in Klang Valley and northern region. Minister Anthony Loke launched the system.
• Grab MalaysiacoreStrategic or Co-development Partner · 2 June 2023Partnership to make PayLater by Grab available as in-store payment option for Revenue Group merchants. PayLater enables users to make purchases and pay the following month or in four monthly instalments with no interest or fees if payments are timely. Merchants can stimulate sales without additional processing cost as terminals integrate PayLater seamlessly.
• Taobao MalaysiacoreStrategic or Co-development Partner · 31 October 2022Revenue Group appointed as front-end and back-end payment processing partner for Taobao Malaysia's Instalment Payment Plan (IPP) on app and desktop. Revenue secured CIMB Bank and CIMB Islamic Bank as first participating banks, with discussions ongoing with other banks. IPP converts credit card purchases into interest-free instalments over fixed periods.
• Revenue Secure Sdn BhdcoreStrategic or Co-development Partner · 8 April 2022Acquisition of remaining 49% equity interest in Revenue Secure Sdn Bhd for RM31.85 million. Revenue Secure is involved in research, development, deployment of secured card issuing technology, provision of consultancy services on card programming and computer technology with encryption and high-end security features. Upon completion, Revenue Secure became wholly-owned subsidiary enabling full control of technology and R&D capabilities.
• VSure.lifeminorStrategic or Co-development Partner · 17 August 2021Investment of RM12 million in insurtech firm VSure.life through subsidiary Revenue Harvest. Partnership enables VSure to access Revenue's B2B2C payment ecosystem. VSure approved by Bank Negara Malaysia to participate in fintech sandbox for lifestyle digital insurance products.
• Payments Network Malaysia Sdn Bhd (PayNet)coreStrategic or Co-development Partner · 16 November 2020Contract to develop and implement MyDebit tokenisation platform (TSP) for PayNet. Platform will be integrated with and used by 30+ banks throughout Malaysia. Tokenisation replaces 16-digit debit card PAN with token for secure online payments. There are approximately 45 million MyDebit cards in market circulation.
• Huawei Technologies MalaysiacoreStrategic or Co-development Partner · 9 November 2020Partnership to develop e-Services Hub for SMEs targeting over 900,000 SMEs in Malaysia. Revenue Safe Nets Sdn Bhd signed MoA with Huawei Malaysia. Hub will provide access to over 1,000 cloud-based software applications using Huawei's cloud and AI technologies. Four-pronged strategy includes technology provision, platform development, go-to-market programs, and cloud-based ICT solutions.
• Chevron Malaysia (Caltex)coreChannel Partner/ Reseller/ Distributor · 24 August 2020Partnership to provide e-wallet services at all Caltex petrol stations nationwide. Smart digital payment terminals installed at 420+ Caltex stations accepting Touch n Go eWallet, Boost, and GrabPay. Work completed by end of August 2020.
• TNG Digital Sdn BhdcoreStrategic or Co-development Partner · 1 October 2019MoU to allow Touch n Go eWallet users to purchase on Taobao and Tmall using Revenue's revPAY platform for e-banking payments. Touch n Go eWallet has over 5 million registered users and 80,000+ merchant acceptance points. Collaboration drives electronic transaction processing segment revenue.
• Public Bank BhdcoreStrategic or Co-development Partner · 8 November 2018Joint launch of all-in-one digital payment terminals developed by Revenue enabling physical retail merchants to accept both card payments and mobile wallet payments. Terminal powered by Android OS with 3G/4G/WiFi/Bluetooth connectivity, HD touch screen, and fast thermal printer. Public Bank had over 60,000 EDC terminals nationwide as of September 2018.
• Kenanga Investment Bank BhdminorStrategic or Co-development PartnerDigital banking consortium partnership with Kenanga Investment Bank Bhd and Sarawak government submitted application to Bank Negara Malaysia for digital banking licence in August 2021. If awarded, Revenue would support consortium with payment capabilities extending financial products deeper into ecosystem.

Scale indicators11 records

Recent moves8 records

Expansion highlights6 records

Broad incumbents

• Global Payments Inc. Global Payments is a global payment technology provider with Asia-Pacific operations including merchant acquiring and processing. It competes with Revenue Group at the broader payment infrastructure level as an established multinational incumbent with broader geographic and product reach.
• CIMB Bank Berhad: CIMB is one of Malaysia's largest banks and a key partner of Revenue Group (lead bank for Taobao IPP). CIMB also operates its own payment infrastructure and merchant acquiring capabilities, positioning it as both a partner and a broader incumbent competitor in financial services.

Direct peers

• GHL Systems Berhad: GHL Systems is a Malaysian payment processor and acquirer providing EDC terminals, payment gateways, and merchant services. It is the closest direct competitor to Revenue Group in the Malaysian merchant acquiring and terminal deployment market, with overlapping bank customers and similar hardware-plus-transaction-fee revenue model.
• iPay88: iPay88 is a Malaysian online payment gateway providing multi-channel payment acceptance for merchants. It overlaps with Revenue Group's payment processing and gateway offerings, targeting similar Malaysian merchant segments with similar transaction-fee economics.
• Billplz: Billplz is a Malaysian payment gateway specializing in FPX, card, and e-wallet payment acceptance for SMEs. It competes with Revenue Group in the Malaysian online payment processing market with a similar transaction-based revenue model.
• Razer Merchant Services (formerly MOLPay): Razer Merchant Services is a Malaysian online payment gateway and acquiring platform serving e-commerce and retail merchants. It directly competes with Revenue Group's revPAY and DSX platforms for digital payment acceptance and online transaction processing share.
• SenangPay: SenangPay is a Malaysian payment gateway offering online merchant acquiring, FPX, and e-wallet payment acceptance. It competes with Revenue Group's payment processing capabilities, particularly for SMEs and e-commerce merchants in Malaysia.

Emerging players

• Touch 'n Go Digital (TNG eWallet): TNG Digital operates Malaysia's largest e-wallet with 5M+ registered users and 80,000+ merchant acceptance points. While Revenue Group has a partnership to integrate TNG eWallet at merchants, TNG also operates as a competitor in the e-wallet and merchant acceptance space with wannaPay.
• Boost Holdings: Boost is a Malaysian e-wallet provider with significant merchant acceptance footprint. It overlaps with Revenue Group's e-wallet integration (Boost is accepted at Revenue terminals) while also competing for digital payment consumer mindshare.

Others

• Payments Network Malaysia (PayNet): PayNet operates Malaysia's national payment infrastructure including FPX and MyDebit. Revenue Group is both a customer/developer of PayNet (via MyDebit tokenisation platform) and an operator on PayNet rails, making PayNet a critical infrastructure partner rather than a direct competitor.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Revenue Group