Infibeam Avenues Limited (IAL), a leading digital payments and e-commerce technology platform, has acquired over Bengaluru-based Cardpay Technologies Ltd., which offers one unified spend management platform to corporates under the brand name GRIT with physical and virtual credit cards, invoice processing, and early payment discounting.
With the acquisition, Cardpay will become a wholly-owned subsidiary of Infibeam. Cardpay founders and its team will continue to lead the operations of GRIT spend management business and work towards Company’s objective to grow credit services and insurance business.
Acquisition of Cardpay strengthens Infibeam’s Payments credit services business with a comprehensive credit issuance portfolio including secured and unsecured lending. It makes Infibeam, the only Indian player with a complete suite of Payments Acquiring and Payments Issuing products, present on both side of digital payment transaction.
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Infibeam Avenues Limited (IAL)
Infibeam Avenues Limited is one of the leading global financial technology company offering full stack digital payment solutions and enterprise software platforms to businesses and governments across industry verticals. The company's payment solution provides over 200 payment options to the merchants allowing them to accept payments through website and mobile devices in 27 international currencies. The company also offers secured lending, pre-paid card for enterprises and corporate credit cards.
Infibeam Avenues' enterprise software platform hosts India's largest online marketplace for government procurement. The company processed transaction worth INR 900billion for its 1 million+ clients across its FinTech platforms. The company's vast clientele includes merchants, enterprises, corporations and governments in both domestic (India) as well as international markets. Infibeam operates in India and its international operations are based in the United Arab Emirates and recently launched markets of the Kingdom of Saudi Arabia and the United States of America
Cardpay Technology Limited (CAL)
Cardpay Technologies Limited is a private company founded by Kumar Srinivasan. Kumar Srinivasan has experience in fintech, payments, retail, credit, and lending services globally. He has worked in leadership role with Amazon Payments, USA.
"There would be reward incentive mechanism to the management of the company (Cardpay) up to rupees equivalent to $1 million, based on performance parameters of the target company, as mutually agreed," Infibeam said in a statement.
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Vishwas Patel, Executive Director and CEO Payments, Infibeam Avenues Ltd, said in concerning to startups that there are many startups and SMEs in India, requiring ongoing credit support to meet their recurring business expenses. “Cardpay’s technology and experience along with Infibeam’s suite of fintech portfolio will provide all the solutions to merchants under one roof, allowing them to scale and prosper,” he added.
“GRIT spend management platform will redefine the corporate card experience for companies at all stages. It is built with an aim to rid the inefficiencies in the corporate payments which directly impacts a company’s ability to drive its growth” , Kumar Srinivasan , Founder and CEO of Cardpay Technologies Pvt Ltd claimed.
“We are excited to be a part of Infibeam, a leader in global fintech solutions, which will allow us to innovate further in India and expand into multiple geographies,” Kumar further added.