Infibeam Avenues: Leading Digital Payment Strategy in MENA
Fintech firm Infibeam Avenues Ltd has recently undertaken a significant reorganization of its shareholding structure in the UAE, aimed at bolstering its digital payment strategy for an upcoming listing. The restructuring involves a strategic transfer of the mirror shareholding in Avenues World FZ-LLC to a newly established Abu Dhabi entity, Infibeam Avenues ME SPV Ltd.
As per the stock exchange announcement made on Thursday, Vavian International Ltd, which is a wholly-owned subsidiary of Infibeam Avenues in the UAE, will maintain an 80 percent ownership in the newly formed Infibeam Avenues ME SPV Ltd. This entity will be the parent of Avenues World FZ-LLC, which operates the renowned payment gateway, CCAvenue.ae, widely used in the UAE.
The strategic reorganization reflects Infibeam Avenues’ optimistic perspective on the burgeoning digital payments landscape within the Middle East and North Africa (MENA) region. Furthermore, this realignment is in line with the firm’s intentions to enhance its fundraising efforts for the upcoming Abu Dhabi Stock Exchange IPO, necessitating the establishment of headquarters in Abu Dhabi.
Prior to this development, Infibeam Avenues disclosed that its UAE-based subsidiary, Avenues World FZ-LLC, had successfully raised up to $20 million through a pre-IPO equity placement. This fundraising, resulting in a 20% dilution, positioned the company with a post-money valuation of $100 million.
Reports from August 2023 indicated that Infibeam Avenues processed transactions exceeding AED 1 billion in just one month. By October 2023, the CCAvenue.ae payment gateway had handled transactions surpassing AED 24.5 billion, catering to over 5,000 merchants across diverse sectors. Notable clients include prestigious names such as Burj Khalifa, Emaar, Damac, Nakheel, and Trump Golf Dubai.
Additionally, Infibeam Avenues has rolled out mobile-based QR code solutions in the UAE, targeting the increasing offline payments market. This development marked a crucial advancement for the firm, expanding its global portfolio, starting with the UAE market.
Moreover, Infibeam’s Saudi Arabian subsidiary has recently attained the Payment Tokenization Service Provider (PTSP) certification from the Saudi Arabian Monetary Authority (SAMA), making it among the pioneering Indian fintech firms to achieve this in the Kingdom. The company also reported exceptional year-on-year growth in the region, fueled by new initiatives including express settlement solutions for merchants and CCAvenue TapPay, as well as a bold expansion strategy to capitalize on the digital payments surge in the Middle East.
