Infibeam Avenues buys Cardpay Technologies to enhance credit portfolio
Category: #business  By Saipriya Iyer  Date: 2020-06-09
  • share
  • Twitter
  • Facebook
  • LinkedIn
Infibeam Avenues buys Cardpay Technologies to enhance credit portfolio

Infibeam Avenues, a leading global financial technology solutions provider recently acquired 100% stake in a Bangalore-based firm, Cardpay Technologies Ltd. to strengthen its payments credit services business.

For the record, the deal, under the brand name GRIT, offers one unified spend management platform to corporates with virtual and physical credit cards, early payment discounting and invoice processing.

With the acquisition of Cardpay, Infibeam Avenues is better positioned in its payments credit services business landscape with the addition of a comprehensive credit issuance portfolio including unsecured and secured lending. The acquisition move makes Infibeam the only Indian industry player with a complete suite of Payments Acquiring as well as Payments Issuing products, present on both sides of the digital payment transactions.

As per sources close to the matter, Cardpay will be converted to a wholly-owned subsidiary of Infibeam Avenues and founders of Cardpay and its team will continue to lead the operations of GRIT, working towards the firm’s objective to expand issuance business and credit services in India and globally.

According to Kumar Srinivasan, Founder and Chief Executive Officer of Cardpay Technologies, the GRIT spend management platform will revolutionize the corporate card experience for corporations at all stages. The platform has been built with an aim to eliminate inefficiencies in the corporate payments which directly impacts growth of a business. Srinivasan added that his team is exhilarated to be a part of a leader in global FinTech solutions, which will further enable them to innovate further in India along with expanding globally.

Vishwas Patel, Executive Director & CEO Payments at Infibeam Avenues noted that Cardpay has created an innovative Card issuance framework to navigate the issues that prevent early-stage companies from Credit card services and making analytical decision.

A larger pool of start-ups and SMEs is based in India and which will be needing ongoing credit support to meet their recurring business expense. Patel added that Cardpay’s technology, experience coupled with Infibeam’s Fintech portfolio will offer all the solutions to merchants under one roof, aiding them to scale and prosper.

 

Source credit: http://bwdisrupt.businessworld.in/article/Infibeam-Avenues-Acquires-100-Stake-In-Cardpay-Technologies-/09-06-2020-194680/

  • share
  • Twitter
  • Facebook
  • LinkedIn

About Author

Saipriya Iyer

Saipriya Iyer    

Saipriya Iyer currently works as a content developer for GroundAlerts. A computer engineer by profession, she ventured into the field of writing for the love of playing with words. Having had previous experience of 3 years under her belt, she has dabbled with website ...

Read More >>

More News By Saipriya Iyer

Patanjali plans to sell food retail biz to Ruchi Soya for $88Mn
Patanjali plans to sell food retail biz to Ruchi Soya for $88Mn
By Saipriya Iyer

Indian multinational conglomerate holding company, Patanjali Ayurved has recently signed an agreement to sell its food retail unit to Ruchi Soya Industries for Rs 690 crore (USD 88 Million). The deal, which comprises 21 major products such as hone...

Apollo in talks to pump $1Bn into India’s residential property market
Apollo in talks to pump $1Bn into India’s residential property market
By Saipriya Iyer

Apollo Global Management Inc., an American investment management firm, is reportedly planning to lend around $1 billion to Indian property developers this year, making a bet on the recovery of the country’s residential property market as the CO...

Meta platforms join hands with AMD to make broadband more accessible
Meta platforms join hands with AMD to make broadband more accessible
By Saipriya Iyer

The two companies will collectively work on mobile internet infrastructure program This partnership aims to reduce base station cost and make broadband more accessible   Meta Platforms Inc., the parent company of Facebook, has rece...