Getty ImagesMumbai: , the Ahmedabad headquartered fintech solutions company, is foraying in artificial intelligence based lending and plans to tie up with some banks and NBFCs, the company said Tuesday.
The BSE listed company said that it intends to lend money by offering credit algorithms, credit platforms, frameworks and merchant database.
“With the irreversible digitization of Indian and global economies, Infibeam Avenues has planned to foray into data-driven credit/lending space. Infibeam’s data-driven credit/lending will be asset-light and digital-only, targeting merchants in factoring (bill discounting) business,” the company said.
With the recent passing of factoring law amendments, enabling more than 9,000 non-banking financial companies (NBFCs) to participate in the factoring (bill discounting), Infibeam Avenues has set its course to tap the Indian factoring market space, which is estimated to be worth $6 billion, the company said Tuesday.
The company also announced its quarter result. The company saw its gross revenue jump by 120% to Rs 216 crore in the quarter ended June. The company’s net profit increased by a crore from Rs 12 crore in June quarter last year to Rs 13 crore in the same period this year.
“We started the new fiscal year by delivering a healthy quarter. We believe in the growth of India’s digital economy and we continue to strengthen our technology advantage in improving customer experience and enabling our merchants including enterprise clients to accomplish a successful digital transformation. With current transaction processing value of Rs 50,000 crore per quarter and millions of full KYC merchants on our platform, the AI driven lending opportunity is the future growth and margin driver for IAL,” said Vishal Mehta, Managing Director, Infibeam Avenues Limited.
Infibeam is also part of a consortium that has applied for RBI’s New Umbrella Entity (NUE) license.
As part of its plans to grow its digital payments business, RIL through Reliance Jio has partnered with Google, Facebook and Infibeam Avenues to set up a NUE which will allow it to create one or more Unified Payments Interface (UPI) like national payment network.
Infibeam’s current payment gateway infrastructure processes approximately $18 billion payments and its software platform enables additional $10 billion worth of transactions of the platform. If this trend continues, where people, institutions and organizations are adopting digitization at such a faster pace, Infibeam Avenues may soon be processing more than $100 billion transactions, the company said.
The BSE listed company said that it intends to lend money by offering credit algorithms, credit platforms, frameworks and merchant database.
“With the irreversible digitization of Indian and global economies, Infibeam Avenues has planned to foray into data-driven credit/lending space. Infibeam’s data-driven credit/lending will be asset-light and digital-only, targeting merchants in factoring (bill discounting) business,” the company said.
With the recent passing of factoring law amendments, enabling more than 9,000 non-banking financial companies (NBFCs) to participate in the factoring (bill discounting), Infibeam Avenues has set its course to tap the Indian factoring market space, which is estimated to be worth $6 billion, the company said Tuesday.
The company also announced its quarter result. The company saw its gross revenue jump by 120% to Rs 216 crore in the quarter ended June. The company’s net profit increased by a crore from Rs 12 crore in June quarter last year to Rs 13 crore in the same period this year.
“We started the new fiscal year by delivering a healthy quarter. We believe in the growth of India’s digital economy and we continue to strengthen our technology advantage in improving customer experience and enabling our merchants including enterprise clients to accomplish a successful digital transformation. With current transaction processing value of Rs 50,000 crore per quarter and millions of full KYC merchants on our platform, the AI driven lending opportunity is the future growth and margin driver for IAL,” said Vishal Mehta, Managing Director, Infibeam Avenues Limited.
ALSO READ TECH NEWSLETTER OF THE DAY
With the growing number of 'buy now, pay later' transactions comes the regulatory scrutiny from the Reserve Bank of India.
Read NowInfibeam is also part of a consortium that has applied for RBI’s New Umbrella Entity (NUE) license.
As part of its plans to grow its digital payments business, RIL through Reliance Jio has partnered with Google, Facebook and Infibeam Avenues to set up a NUE which will allow it to create one or more Unified Payments Interface (UPI) like national payment network.
Infibeam’s current payment gateway infrastructure processes approximately $18 billion payments and its software platform enables additional $10 billion worth of transactions of the platform. If this trend continues, where people, institutions and organizations are adopting digitization at such a faster pace, Infibeam Avenues may soon be processing more than $100 billion transactions, the company said.