Shares of Infibeam Avenues rallied over 8 percent on March 5, a day after the AI-powered fintech company received the final authorisation from the Reserve Bank of India (RBI) to operate as a payment aggregator under the Payment Settlements Act, 2007 for CCAvenue.
In October 2022, Infibeam Avenues received the in-principle approval from the banking regulator to operate as a Payment Aggregator (PA). Now, the RBI has granted the company the final Payment Aggregator licence.
At 10:57am, Infibeam Avenues shares were trading at Rs 36.95 on the National Stock Exchange (NSE). In just the last six months, the stock has zoomed 145 percent. In comparison, benchmark Nifty 50 has risen 14 percent during this period.
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The central bank introduced the payment aggregator framework in March 2020, which necessitates payment gateways to secure an aggregator license for acquiring merchants and delivering digital payment acceptance solutions.
Currently, in total 10-million-plus merchants are on Infibeam’s platform. The company has already crossed 50 lakh merchant onboarding in the H1FY24. The company attributes this growth to the growing relationship with the bank partners and merchants. Infibeam Avenues recently also received RBI's approval to act as an Operating Unit under Bharat Bill Pay license.
In the month gone by, Infibeam's board approved acquisition of a 20 percent stake in the US-based XDuce Corporation, a leading enterprise app and AI development company that specialises in building innovative AI solutions for businesses looking to optimise their internal operations and customer-facing systems for diverse industry verticals.
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The board also approved incorporation a wholly owned subsidiary in IFSC, GIFT CITY, Gandhinagar. The proposed company would be in the business of payment services as Payment Service Provider (PSP).
The board also approved to divest 85,000 equity shares in Fable Fintech Private Limited, which would cease to be an associate of the company.
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