A fintech and payment infrastructure company, Infibeam Avenues Ltd, has stated that it is restructuring and streamlining its international business to better target and grow the global digital payment gateway infrastructure market.
The three fully-owned international subsidiaries of the company, 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 be transferred to Infibeam Avenues Ltd’s UAE-based wholly owned subsidiary, Vavian International Ltd, which is the second largest payment aggregator in the UAE, and will then become a step-down subsidiary of the company.
The company announced that the consolidation of the international business had received board approval.
The company intends to actively promote its flagship brand CCAvenue, an Indian provider of infrastructure for digital payment gateways, to expand its global presence in digital payments.
“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,” Vishal Mehta, managing director, Infibeam Avenues Ltd.
Currently, the international business contributes 6% to Infibeam Avenues Ltd’s total revenue as per the FY 2021-22 annual report.