 "M&A, mergers & acquisitions, merger, partnerships, Joint venture, JV")
Fintech firm Infibeam Avenues on Wednesday announced it had acquired a 49 per cent equity stake with an investment of Rs 25 crore in Ahmedabad-based Pirimid Fintech.
The partnership aims to combine Infibeam's digital payments and AI-based frameworks with Pirimid Fintech's capital market trading software for its clients nationwide and globally.
The company said the decision to acquire a stake in the company is in response to the increasing demand in the global capital markets for artificial intelligence (AI)-backed software.
These AI-based systems are utilised to streamline trading, research, and investment processes.
“Leveraging the expertise and technological foundation provided by Infibeam Avenues, Pirimid Fintech is poised to develop innovative digital lending solutions to streamline the lending process, offering faster and more efficient credit disbursement, enhanced customer experience, and improved risk management through advanced data analytics and AI algorithms,” Infibeam Avenues said in a statement.
Pirimid Fintech serves clients in capital markets globally. The company develops customised capital markets and digital lending products, tools, and services to meet the industry's needs.
Bank of Baroda, fintech firm Lendingkart, and BidFX (a subsidiary of the Singapore Exchange (SGX)) are among the list of clients for the company.
Gandhinagar-based Infibeam Avenues, which processed transactions worth $54 billion in the financial year 2023, expects to record an increase in its payment processing business through investment in Pirimid Fintech.
The company said it will plug in or offer its flagship payment gateway brand – CCAvenue with Pirimid Fintech’s capital market and digital lending tech software products for its end-user clients. It expects to increase Infibeam's payment transaction processing volumes, thus increasing revenue from its payment business.
“Pirimid has built a robust product for capital market stakeholders, and this strategic investment opens up a compelling growth opportunity to capitalise on our existing digital payments and platform solutions by creating a synergy with the Capital market tech products,” said Vishal Mehta, Chairman and Managing Director, Infibeam Avenues.
