Sri Lanka’s leading digital payment acceptance platform PAYable has announced its acquisition by regional tech powerhouse Short Circuit, marking a significant milestone in PAYable’s journey to scale digital payments across the country.
The acquisition is set to significantly enhance PAYable’s digital payment capabilities and expand its merchant network, strengthening its position within Sri Lanka’s evolving fintech ecosystem. Backed by Short Circuit’s global expertise and integrated technology capabilities, PAYable aims to accelerate merchant adoption, drive innovation in financial technology, and deliver more advanced payment solutions to businesses across Sri Lanka. As part of its growth roadmap, PAYable plans to expand its merchant network by an additional 100,000 merchants over the next four years, further strengthening digital payment acceptance nationwide.
Established in 2016, PAYable has grown to become Sri Lanka’s largest payments technology company, enabling businesses to accept digital payments through modern, scalable, and secure solutions. The company currently supports over 40,000 merchants across the island, providing seamless payment experiences through its rapidly expanding acceptance network.
Commenting on the acquisition, Yohan Wijesiriwardane – Chief Executive Officer/Co-Founder of PAYable stated, “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. Our focus remains on delivering efficient, accessible, and future-ready payment solutions that support Sri Lanka’s transition toward a digitally inclusive economy.”
Commenting on the transaction, PayAble Chairman Rajendra Theagarajah said “ these two entities coming together provides an enhanced opportunity for both companies to further leverage existing strengths and now offer a strong Payments layer seamlessly with ERP infrastructure to Short Circuits existing customer base while also jointly growing a targeted new segment of business entities seeking agility and convenience at competitive pricing “.
Sharing his thoughts on the acquisition, Bhanuka Harischandra – Group Managing Director of Short Circuit stated, “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. Together, we have the chance to drive forward digital payments in Sri Lanka for years to come.”
As part of the acquisition, Short Circuit will invest USD 2.5 million into PAYable to drive the next phase of growth. This investment will be directed toward expanding PAYable’s merchant base and introducing next-generation payment solutions such as Soundbox and SoftPOS, while also building advanced technology tools to support merchants in managing and growing their businesses more effectively. By aligning with global payment trends and leveraging Short Circuit’s capabilities, PAYable aims to elevate the overall payment experience for both merchants and consumers.
PAYable works closely with local banks, global card networks, and technology partners to deliver innovative payment solutions that simplify digital transactions for merchants and consumers alike. Through its continued expansion and focus on merchant-led payment innovation, the company has emerged as a key participant in Sri Lanka’s evolving fintech ecosystem, helping accelerate the country’s transition toward greater digital payment adoption.
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