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/