Infibeam Avenues, an India-based fintech and payment infrastructure provider, has revamped and consolidated its businesses in four countries including Australia, US, Saudi Arabia and United Arab Emirates (UAE).
The move is aimed at enhancing the company’s reach in the international digital payment gateway infrastructure sector.
As part of the consolidation, Infibeam Avenues’ three fully-owned subsidiaries Infibeam Avenues Australia, AI Fintech in the US, and Infibeam Avenues Saudi Arabia for Information Systems Technology will be transformed into a step‐down subsidiary of the firm.
The transformation will be carried out after transferring the three units to Infibeam Avenues’ UAE‐based fully‐owned subsidiary Vavian International.
The consolidation, which has received approval from the company’s board, will allow Infibeam Avenues to boost its presence in the global digital payments sector with its CCAvenue brand.
Infibeam Avenues managing director Vishal Mehta said: “CCAvenue is the second largest payment aggregator in UAE and rapidly expanding in the MENA region processing payments at an annual run‐rate of AED12bn.
“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.”
As per Infibeam Avenues’ FY2021‐22 annual report, 6% of the company’s total revenue came from its global operations.
Infibeam Avenues further noted that the global digital payment industry is expected to stand at $361bn by 2030 and is set to expand at a compound annual growth rate (CAGR) of 20.5%.