India based fintech company, Infibeam has acquired a 100% stake in Cardpay Technologies. This acquisition will help to offer a single unified spend management platform to corporates under the brand name of GRIT with physical and virtual credit cards, invoice processing and early payment discounting.
According to the press release, acquisition of Cardpay will strengthen Infibeam’s Payments credit services business with comprehensive credit issuance portfolio. With this acquisition, Infibeam is the only Indian player with a complete suite of payments acquiring and payments issuing products which are present on both sides of the digital payment transaction.
“Cardpay has built a revolutionary Card issuance framework to navigate the hurdles that prevent early-stage companies from Credit card services and analytical decision Making,” said Vishwas Patel, Executive Director and CEO Payments, Infibeam Avenues Ltd. “There are many start-ups and SMEs in India requiring ongoing credit support to meet their recurring business expense. 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.”
Under this acquisition, Cardpay will become a wholly-owned subsidiary of Infibeam. Cardpay founders and the team will continue to be in operations of GRIT spend management business.
“GRIT spend management platform will redefine the corporate card experience for companies at all stages,” said Kumar Srinivasan, Founder and CEO, Cardpay Technologies. “It is built with an aim to rid the inefficiencies in the corporate payments which directly impacts a company’s ability to drive its growth”.
The corporate credit cards are tailored to meet recurring business expenses of firms that generally find it difficult to get working capital loans for their needs from financial institutions. GRIT cards offer an interest-free credit period as per the needs of the business.