Global financial technology solutions provider Infibeam Avenues on Monday announced that it has acquired 100 percent stake in Bengaluru-based Cardpay Technologies Limited.
Cardpay, incorporated on March 20, 2020, offers a unified spend management platform to corporates under the brand name GRIT with physical and virtual credit cards, invoice processing, and early payment discounting.
According to a statement by Infibeam, the acquisition of Cardpay strengthens its payments credit services business with a comprehensive credit issuance portfolio including secured and unsecured lending. Also, the acquisition makes Infibeam, the only Indian player with a complete suite of payments acquiring and payments issuing products, present on both sides of digital payment transaction, the statement added.
Vishwas Patel, Executive Director and CEO Payments, Infibeam Avenues Ltd, said 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.
As part of the deal, Cardpay founders and its team will continue to lead the operations of GRIT’s spend management business and work towards the company’s objective to grow credit services and issuance business in India and globally, Infibeam stated.
Kumar Srinivasan, Founder and CEO, Cardpay Technologies Pvt Ltd, shared,
“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.”
“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.
Kumar Srinivasan has 20 years of experience in fintech, globally, especially in payments, retail, credit, and lending services. He has also worked in leadership role with Amazon Payments, USA.
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