Infibeam Avenues buys 49% in Pirimid Fintech to enter market tech space, shares zoom 7%

Infibeam Avenues stock has rallied 42 percent YTD. In comparison, benchmark Nifty 50 has risen over 16 percent during this period.

Shares of Infibeam Avenues surged over 7 percent to hit a 52-week high after the fintech company announced its strategic foray into the capital markets and digital lending software market by acquiring a 49 percent stake in Pirimid Fintech. The company will invest Rs 25 crore to solidify this venture.

The move comes in direct response to the surging demand in the thriving global capital markets for cutting-edge secured and zero-latency AI-backed software to streamline trading, research, and investment processes, Infibeam said in a regulatory filing.

At 10:04am, Infibeam Avenues shares were trading 7.15 percent higher at Rs 24.00 on the National Stock Exchange (NSE). So far this year, the stock has rallied 42 percent. In comparison, benchmark Nifty 50 has risen over 16 percent during this period.

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Pirimid Fintech caters to clientele across global and domestic capital markets. The company developes customized capital markets and digital lending products, tools, services, and workflows.

Notable clients include BidFX, a subsidiary of the prestigious Singapore Exchange (SGX), as well as financial institutions like Bank of Baroda and Indian fintech player Lendingkart.

Alongside its presence in the capital markets technology space, Pirimid Fintech is also present in the digital lending sector with its modern loan origination systems, data sourcing and advanced business rule engine (BRE) capabilities.

Infibeam Avenues Ltd, which processed transactions worth US$54 billion in FY23, expects to witness an increase in its payment processing business through this strategic investment.

"The company will plug-in or offer its flagship payment gateway brand – CCAvenue with Pirimid Fintech’s capital market & digital lending tech software products for its end-user clients, which would upsurge the payment transaction processing volumes, resulting into revenue increase from Infibeam’s payment business," it said in a regulatory filing.

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Infibeam Avenues is a financial technology company offering digital payment solutions and enterprise software platforms to businesses and governments across industry verticals. Its payment infrastructure solution includes acquiring and issuing solutions and offering infrastructure for banks

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