Infibeam Avenues witnessed a robust surge of over 8 percent on March 5, following the news of the company receiving the final authorization from the Reserve Bank of India (RBI) to function as a payment aggregator under the Payment Settlements Act, 2007, specifically for CCAvenue.
In October 2022, the AI-powered fintech company received in-principle approval from the RBI to operate as a Payment Aggregator (PA). Now, with the final Payment Aggregator license granted by the RBI, Infibeam Avenues is poised to expand its presence in the digital payment ecosystem.
As of 10:57 am, Infibeam Avenues shares were trading at Rs 36.95 on the National Stock Exchange (NSE). Notably, the stock has experienced a remarkable surge of 145 percent in the last six months, outpacing the benchmark Nifty 50, which has risen by 14 percent during the same period.
The Payment Aggregator framework, introduced by the central bank in March 2020, mandates payment gateways to obtain an aggregator license for acquiring merchants and delivering digital payment acceptance solutions.
Infibeam Avenues currently boasts a platform with over 10 million merchants. The company has successfully onboarded over 50 lakh merchants in the first half of the fiscal year 2023. This growth is attributed to the strengthening relationships with bank partners and merchants. Recently, the company also secured RBI’s approval to function as an Operating Unit under the Bharat Bill Pay license.
In the past month, Infibeam’s board greenlit the acquisition of a 20 percent stake in XDuce Corporation, a prominent US-based enterprise app and AI development company specializing in innovative AI solutions. Furthermore, the board approved the incorporation of a wholly-owned subsidiary in IFSC, GIFT CITY, Gandhinagar, focusing on payment services as a Payment Service Provider (PSP). Additionally, the board sanctioned the divestment of 85,000 equity shares in Fable Fintech Private Limited, which will cease to be an associate of the company.
