Pirimid Fintech specialises in developing customised capital markets and digital lending products, tools, services and workflows to meet specific client needs
The acquisition will allow Pirimid to leverage the expertise of Infibeam to develop innovative digital lending solutions, which the latter plans to use to streamline its lending process
Infibeam is now gearing up to offer payment aggregation service in Saudi Arabia and has acquired a company for the same from one of its wholly-owned subsidiaries
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Fintech company Infibeam Avenues has bought a 49% stake in Ahmedabad-based Pirimid Fintech for INR 25 Cr ($3 Mn) to strengthen its foothold in the fintech ecosystem.
With the acquisition, Infibeam is looking to foray into the fast-growing capital market tech space.
“This move is in direct response to the surging demand in the thriving global capital markets for cutting-edge secured and zero latency AI backed software to streamline trading, research and investment processes,” the company said in a release.
Pirimid, founded by Nirav Prajapati in 2017, specialises in developing customised capital markets and digital lending products, tools, services and workflows to meet specific client needs.
Infibeam said Pirimid is making significant strides in the digital lending sector with capabilities around modern loan origination systems, data sourcing and advanced business rule engine (BRE).
The acquisition will allow Pirimid to leverage the expertise of Infibeam to develop innovative digital lending solutions.
With such solutions, Infibeam aims to streamline its lending process, offer faster and more efficient credit disbursement, enhance customer experience and improve risk management through advanced data analytics and AI algorithms.
Pirimid claims to have a client base of both global and domestic companies including Singapore Exchange’s BidFX, Bank of Baroda, and Lendingkart, among others.
“Pirimid has built a robust product for capital markets 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 Infibeam’s managing director and chairman Vishal Mehta.
Meanwhile, Infibeam also announced the acquisition of 100% stake in Infibeam Avenues Saudi Arabia for Information Systems Technology. Co from its wholly-owned subsidiary Vavian International Limited to offer payment aggregation service in Saudi Arabia under its brand CCAvenue.
Founded in 2007, Infibeam is a listed company that offers comprehensive digital payment solutions and enterprise software platforms to businesses and governments across industry verticals.
Its primary source of revenue is a payment gateway business through which it offers over 200 payment options to the customer merchants allowing them to accept payments through website and mobile devices in 27 international currencies. With over 8 Mn clients, the company claims to have processed transactions worth INR 4.5 Lakh Cr ($54 Bn) in FY23.
The acquisition comes a month after Infibeam announced that it has sped up plans to establish an in-house ecosystem to fuel the company’s artificial intelligence (AI) ambitions. It said one of its subsidiaries has acquired a piece of land in Ahmedabad that will serve as the extension of Infibeam Avenues Ltd’s planned GIFT City AI HUB.
Infibeam reported a 191% jump in its profit after tax to INR 38.3 Cr in the September quarter of FY24 from INR 13.2 Cr in the last year’s quarter. Operating income jumped 66% year-on-year to almost INR 790 Cr.
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