Payable acquisition by regional technology firm Short Circuit is expected to accelerate the growth of Sri Lanka’s digital payments ecosystem, strengthening the country’s fintech landscape and expanding access to modern payment solutions for businesses nationwide.
Payable acquisition strengthens fintech innovation and merchant growth in Sri Lanka
The transaction marks a major milestone for Payable, Sri Lanka’s largest payments technology company, as it seeks to scale its operations, expand merchant adoption and introduce next-generation payment technologies across the country.
Under the new ownership structure, Payable will benefit from Short Circuit’s technology expertise, regional reach and integrated digital capabilities, enabling the company to further strengthen its position in the rapidly evolving financial technology sector.
The Payable acquisition is expected to significantly enhance the company’s digital payment infrastructure while broadening its acceptance network. As part of its long-term growth strategy, the company plans to add an additional 100,000 merchants over the next four years, substantially increasing the reach of digital payment acceptance across Sri Lanka.
Founded in 2016, Payable has emerged as a key player in the country’s digital payments sector. The company currently supports more than 40,000 merchants through a range of secure and scalable payment acceptance solutions designed to facilitate seamless transactions between businesses and consumers.
Commenting on the acquisition, Payable Chief Executive Officer and Co-Founder Yohan Wijesiriwardane described the transaction as a transformative step for the company.
“This acquisition represents a pivotal step in Payable’s growth journey. With the backing of Short Circuit, we are well-positioned to scale our technology, deepen our market reach and introduce innovative solutions that redefine how businesses and consumers transact,” he said.
Wijesiriwardane added that the company remains focused on delivering efficient, accessible and future-ready payment solutions that contribute to Sri Lanka’s transition towards a digitally inclusive economy.
Payable Chairman Rajendra Theagarajah highlighted the strategic benefits of combining the strengths of both organisations. He noted that the integration creates opportunities to offer a stronger payments layer alongside Short Circuit’s enterprise resource planning (ERP) infrastructure, enabling both companies to better serve existing clients while targeting new customer segments seeking agility, convenience and cost-effective digital solutions.
The Payable acquisition also reflects broader momentum within digital payments Sri Lanka, where businesses are increasingly adopting electronic payment methods amid growing consumer demand for cashless transactions.
Short Circuit Group Managing Director Bhanuka Harischandra said the partnership would help accelerate innovation and expand the adoption of digital payments across the country.
“Since its inception, Payable has been at the forefront of transforming the way Sri Lankan businesses transact. This acquisition combines both companies’ strengths to accelerate fintech innovation and increase merchant adoption,” he stated.
As part of the transaction, Short Circuit will invest US$ 2.5 million into Payable to support its next phase of growth. The investment will be directed towards expanding the merchant network, developing advanced merchant management tools and introducing new payment technologies that enhance convenience and efficiency.
Among the solutions expected to be introduced are Soundbox and SoftPOS technologies, which are increasingly being adopted globally to simplify payment acceptance and improve transaction experiences for merchants and customers alike.
The additional capital will also support the development of innovative digital tools designed to help businesses manage operations more effectively, improve customer engagement and drive revenue growth.
Industry observers note that Sri Lanka’s digital payments sector continues to evolve rapidly as businesses embrace technology-driven financial services. Increased smartphone penetration, growing internet connectivity and changing consumer preferences have created favourable conditions for the expansion of digital payment platforms.
Against this backdrop, the Payable acquisition positions the company to play a larger role in shaping the future of digital commerce in Sri Lanka. By leveraging Short Circuit’s technology capabilities and investment support, Payable aims to strengthen its market leadership while advancing fintech innovation and expanding access to secure, modern payment solutions across the country.