This AI-powered fintech company secures RBI authorization for payment aggregator license

Shares experienced a significant increase in buying interest, climbing more than 9 per cent amidst a generally weak market

Infibeam Avenues Ltd is a prominent global financial technology (fintech) company that provides extensive digital payment solutions and enterprise software platforms to businesses and governments spanning various industry verticals.

Shares of Infibeam Avenues Ltd experienced a significant increase in buying interest, climbing more than 9 per cent amidst a generally weak market, reaching an intraday high of Rs 38.45 per share on the BSE. This notable surge followed an impressive development that captured investors' attention.

India's listed AI-powered fintech company has announced that it has obtained final authorization from the Reserve Bank of India (RBI) to function as a Payment Aggregator under the Payment Settlements Act, 2007 for its payment gateway brand - CCAvenue. This achievement marks a significant milestone in the company's journey and is poised to bring long-term benefits.

Shares of the company have provided investors with multibagger returns, exceeding 150 per cent in the last 6 months alone!

The core Payment Gateway (PG) business offers merchants access to over 200 payment options, enabling them to accept payments through websites and mobile devices in 27 international currencies. Infibeam Avenues' enterprise software platform hosts India's largest online marketplace for government procurement. In FY23, the company processed transactions worth Rs 4.5 trillion.

Presently, the company serves over 10 million clients across digital payments and enterprise software platforms. The company's international operations are based in various countries including the United Arab Emirates, Kingdom of Saudi Arabia, Australia, and the United States of America. Additionally, it maintains a business presence in Oman, collaborating with three of the largest banks in the country.

Disclaimer: The article is for informational purposes only and not investment advice.