Indian financial technology company Infibeam Avenues has acquired entire stakes of Cardpay Technologies to foray into corporate credit card issuance business.
The financial details of the transaction have not been made public.
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The Bangalore-based payment and invoice technology firm Cardpay offers a unified spend management tool to corporates under the brand name GRIT.
The company provides physical and virtual credit cards, invoice processing, and early payment discount services to corporates.
GRIT cards deliver an interest-free credit period tailored to the needs of the business.
Under the deal terms, Cardpay will become a wholly-owned subsidiary of Infibeam. It will continue to operate under GRIT for nationwide and global expansion.
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By GlobalDataCardpay Technologies founder and CEO Kumar Srinivasan said: “GRIT spend management platform will redefine the corporate card experience for companies at all stages.
“We are excited to be a part of Infibeam, a leader in global fintech solutions, which will allow us to innovate further in India and expand into multiple geographies.”
The acquisition makes Infibeam one of the few companies with a full suite of payments acquiring and payments issuance products.
Infibeam Avenues Payments executive director and CEO Vishwas Patel said: “Cardpay’s technology and experience along with Infibeam’s suite of Fintech portfolio will provide all the solutions to merchants under one roof, allowing them to scale and prosper.”
