The Board of Infibeam Avenues Ltd, a fintech & payment infrastructure company, announced on September 23 that it has approved the consolidation of its international business in digital payment gateway, with an aim to expand its global presence.
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's UAE-based wholly-owned subsidiary, Vavian International Ltd, which is the second largest payment aggregator in the UAE.
The firm intends to expand its global presence in the digital payments market by aggressively promoting its flagship brand CCAvenue, a major provider of digital payment gateway infrastructure in India, with an annual run-rate of Rs 3.9 lakh crore.
“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," said Vishal Mehta, Managing Director, Infibeam Avenues Ltd.
The company further mentioned that at present, its international business contributes 6 percent to Infibeam Avenues Ltd's total revenue as per the FY2021-22 Annual Report.
"We want to increase the diversification of our business through expanding & strengthening in various geographies. And with emerging opportunities in other geographies, a consolidated approach towards international business will boost our international business income contribution to our total revenue in coming years," said Vishwas Patel, Executive Director, Infibeam Avenues Ltd.Talking about trends and key market drivers, the company said real-time digital payments have gained popularity among consumers all over the world recently, and online shopping has experienced a boom as well in the post-pandemic age.