Infibeam Avenues Ltd, a Gujarat-based digital payments and e-commerce company that provides a comprehensive suite of web services spanning digital payment solutions, data centre infrastructure and software platforms, announced the acquisition of Cardpay Technologies Pvt. Ltd, a corporate credit card issuing firm, according to a VCCircle report.
The company said that the acquisition will help in capitalising the market opportunity for credit to SMEs and corporates. The deal is expected to provide a complete digital solution to merchants, businesses and corporations by offering payments acquiring and payments issuance solutions.
Founded by Manik Singla and Shenbaga Kumaran Srinivasan, Cardpay Technologies operates a unified platform to control all its payment products under GRITS Brand.
Founded in 2010 by former Amazon executive Vishal Mehta, Infibeam started primarily as an e-commerce firm but pivoted its business model subsequently. In March 2016, it became one of the youngest firms to list on the bourses after floating its initial public offering.
Recently, Infibeam acquired a US-based company AI Fintech Inc for $5000 to expand the digital payments business in the US.
Infibeam provides solutions to merchants, enterprises, corporations and governments in both domestic as well as international markets to enable online commerce. Its digital technology facilitates businesses and governments to execute e-commerce transactions.
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