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Mumbai: Infibeam Avenues Ltd, a fintech and payment infrastructure company, has announced restructuring and consolidating its international business to tap and expand its global digital payment gateway infrastructure market.
The company’s three fully-owned international subsidiaries – Infibeam Avenues Australia Pty Ltd (Australian market), AI Fintech Inc. (USA market) and Infibeam Avenues Saudi Arabia for Information Systems Technology Co (Saudi Arabia market) will become a step-down subsidiary of the company after being transferred to Infibeam Avenues Ltd’s UAE-based wholly owned subsidiary, Vavian International Ltd, which is the second largest payment aggregator in the UAE.
The company said its board has approved the consolidation of the international business.
The company plans to increase its global play in the digital payments space by going aggressively with its flagship brand CCAvenue – a digital payment gateway infrastructure provider in India.
“CCAvenue is the second largest payment aggregator in UAE and rapidly expanding in the MENA region processing payments at an annual run-rate of AED 12 billion. To keep pace with the emerging potentials & requirements of the international market for digital payments infrastructure, the consolidation of international business out of UAE will be a crucial step in our pursuit to become a global fintech & payment infrastructure company,” Vishal Mehta, managing director, Infibeam Avenues Ltd.
Currently, the international business contributes 6% to Infibeam Avenues Ltd’s total revenue as per the FY2021-22 annual report.
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John Miller has been writing about science, gaming, and tech culture for over a decade. He’s a top-rated reviewer with extensive experience helping people find the best deals on tech and more.
