NE BUSINESS BUREAU
AHMEDABAD, JUNE 8
City-based fintech solutions provider Infibeam Avenues Ltd (IAL) on Monday announced that said it has acquired 100 percent stake in Bengaluru-based Cardpay Technologies Ltd, a company release said.
Cardpay offers a unified spend management platform to corporates under ‘GRIT‘ brand name with physical and virtual credit cards, invoice processing, and early payment discounting.
“The acquisition of Cardpay strengthens Infibeam’s Payments credit services business with a comprehensive credit issuance portfolio, including secured and unsecured lending,” it said.
The acquisition makes Infibeam the only Indian player with a complete suite of payments acquiring and payments Issuing products, present on both sides of the digital payment transaction, the company claimed.
Cardpay will become a wholly-owned subsidiary of Infibeam. Cardpay founders and its team will continue to lead the operations of GRIT spend management business and work towards the company’s objective to grow credit services and issuance business in India and globally.
The corporate credit cards are tailored to meet recurring business expenses of enterprises that generally find it difficult to get working capital loans for such expenses from banks and other institutions, which could also carry high-interest rates with stringent covenants. GRIT cards offer an interest-free credit period as per the needs of the business.
Cardpay is founded by Kumar Srinivasan, having 20 years of rich experience in FinTech, globally, especially in payments, retail, credit, and lending services. He has also worked in a leadership role with Amazon Payments, USA.
Commenting on this deal, Vishwas Patel, Executive Director and CEO Payments, Infibeam Avenues Ltd, said, “Cardpay has built a revolutionary Card issuance framework to navigate the hurdles that prevent early-stage companies from Credit card services and analytical decision-making. There are many start-ups and SMEs in India requiring ongoing credit support to meet their recurring business expense. 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.”
Kumar Srinivasan, Founder, and CEO, Cardpay Technologies Pvt Ltd, said, “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.”
