Infibeam Avenues Buys Cardpay To Boost B2B Payments

Indian FinTech Infibeam Avenues, which works in digital payment and eCommerce solutions, has bought all shares of Cardpay Technologies, which provides payment and invoice technology, in an all-stock deal.

In the announcement, the companies said the acquisition will help Ahmedabad-based Infibeam offer better B2B payment services.

Cardpay, based in Bengaluru, India, offers a spending management platform to corporations under the brand name “Grit.” The platform offers help with physical and virtual credit cards, invoice processing and early payments discounts, BusinessLine reports.

Cardpay was founded by Kumar Srinivasan, who boasts two decades of experience with payments, retail and credit lending services. Srinivasan will continue to lead the operations at Grit, according to BusinessLine. He said the company was “excited to join the Infibeam Avenues family,” and that Grit has always strived to be a worldwide platform.

Vishwas Patel, executive director and CEO of Infibeam’s payment and credit services division, told BusinessLine that the acquisition would help to further the company’s work on facilitating B2B payments.

“Now, to further help our merchants expedite their growth, our focus is to provide them with credit solutions,” Patel told the news outlet. “Payments-led lending is the new growth mantra for us. Cardpay’s card issuance technology and experienced team” — along with Infibeam’s FinTech suite — will help “all types of merchants, allowing them to scale and prosper,” he added.

By acquiring Cardpay, Infibeam is now the sole Indian company with a full suite of products used for both payments acquiring and payments issuing needs, the company said.

Grit offers interest-free credit cards for companies. These kinds of corporate cards are intended to help with companies’ recurring business expenses when they can’t get working capital loans or are worried about high interest rates, BusinessLine reported.

Last year, Infibeam Avenues partnered with Primechain Technologies to implement a blockchain-based cross-border payment tool, touting the potential of the technology to both minimize fraud and improve communication and information flows.