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Fintech company Infibeam Avenues Ltd's UAE branch has changed its shareholding structure in preparation for its upcoming listing, aiming to strengthen its digital payment strategy, according to a stock exchange filing.
As per the filing, Infibeam Avenues' fully-owned UAE subsidiary, Vavian International Ltd, will own 80% of Infibeam Avenues ME SPV Ltd. This entity will then control Avenues World FZ-LLC, which operates the well-known CCAvenue.ae payment gateway in the UAE.
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This strategic shift is part of Infibeam Avenues' optimistic outlook on the fast-growing digital payments market in the Middle East and North Africa (MENA) region. It also supports the company's plans for its upcoming IPO on the Abu Dhabi Stock Exchange (ADX), which requires the company's headquarters to be based in Abu Dhabi.
Previously, Infibeam Avenues announced that its UAE subsidiary, Avenues World FZ-LLC, had raised up to $20 million in a pre-IPO equity placement, valuing the company at $100 million after the 20% dilution.
Infibeam’s subsidiary in Saudi Arabia recently received the Payment Tokenization Service Provider (PTSP) certification from the Saudi Arabian Monetary Authority (SAMA), making it one of the first Indian fintech companies to achieve this in the Kingdom. The company has also seen strong year-on-year growth in the region, driven by initiatives like express settlement for merchants, CCAvenue TapPay, and a bold expansion strategy aimed at capitalizing on the growing digital payments market in the Middle East.
In August 2023, Infibeam Avenues announced that it had processed over AED 1 billion in transactions in just one month. By October 2023, its CCAvenue.ae payment gateway had handled more than AED 24.5 billion in transactions, serving over 5,000 merchants from various industries, including notable clients like Burj Khalifa, Emaar, Damac, Nakheel, and Trump Golf Dubai.
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