Infibeam Avenues Ltd to penetrate the US markets with CCAvenue payment gateway and PhroneticAI solutions
Gurgaon, February 24, 2024 – Infibeam Avenues Ltd, a listed AI-powered fintech company, announces investment of USD 10 million for the acquisition of a 20% strategic stake in XDuce (“Company”), a renowned enterprise Application and AI development company based in the United States.
With headquarters in New Jersey USA, XDuce has a team of over 150 software developers in the US servicing some of the marquee Wallstreet and Insurance Clients in North America. The Company is renowned for its expertise in business application implementations, integration services, and business transformation. XDuce esteemed clientele includes industry titans such as Bank of America, Morgan Stanley, Capgemini, Hollingsworth & Vose, Deutsche Bank, BNP PARIBAS, Goldman Sachs, NYP, QBE, IEEE, FMCNA and many more.
By joining forces, Infibeam Avenues Ltd will gain the strategic advantage of tapping into this illustrious network for its Phronetic AI Solutions and CCAvenue Payments business in the US.
On Saturday, the board of directors has approved the equity acquisition in XDuce. It’s a strategic move to integrate Infibeam Avenues Ltd’s PhroneticAI (https://www.phronetic.ai ) capabilities into XDuce’s existing framework as well as support platform and payments business growth in the US market. This integration is aimed at enhancing the intelligence quotient of XDuce’s solutions, especially by embedding PhroneticAI Fraud detection and Authentication and Risk identification (FAR) AI technology for the financial sector in the US.
Furthermore, XDuce will support the US growth of Infibeam Avenues Ltd’s payment gateway brand, CCAvenue, positioning it strongly in the immensely profitable financial sector of the United States.
“We are enthusiastic about this strategic investment, as it signifies a pivotal moment for XDuce. Collaboratively, we aim to enhance and broaden our product offerings, offering businesses and consumers in the US access to state-of-the-art AI-driven technologies for identifying and preventing transaction fraud,” said Mr Jay Dave, CEO of XDuce.
“This strategic move will enable Infibeam Avenues to penetrate the US market with our AI fintech solutions for the financial fraud prevention space,” said Mr Rajesh Kumar SA, CEO of Phronetic.AI, an Artificial Intelligence business unit of Infibeam Avenues Ltd.
This strategic move is poised to reshape the trajectory of Infibeam’s international business as the company aims to boost its international business contribution to company’s total revenue in the next two years.
“Last year, international business contributes less than 10% to Infibeam Avenues Ltd’s total revenue and we plan to grow International business to 30% of total revenue in the next couple of years. This strategic investment in XDuce will support the growth of CCAvenue payments business as well as our platform business in US,” said Mr. Vishwas Patel, Joint Managing Director, Infibeam Avenues Ltd.
The year 2022 witnessed a pivotal moment for Infibeam Avenues Ltd with the restructuring and consolidation of its international business. The company has set its sights on global dominance in the digital payment gateway market and AI powered fintech solutions for financial fraud preventions market. The company has its presence in MENA region, US and Australia.
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