Infibeam Avenues invests $10m in XDuce to boost US market presence
Infibeam Avenues Ltd, a leading AI-powered fintech company listed on the stock exchange, has made a significant investment of USD 10 million to acquire a 20% strategic stake in XDuce, a prominent enterprise Application and AI development company based in the United States. This move marks a pivotal moment in Infibeam Avenues Ltd’s strategy to expand its footprint in the global financial technology sector.
XDuce, headquartered in New Jersey, USA, boasts a team of over 150 software developers servicing prestigious Wall Street and insurance clients in North America. The company is celebrated for its expertise in business application implementations, integration services, and business transformation, with a client list that includes industry giants like Bank of America, Morgan Stanley, Capgemini, and Goldman Sachs, among others.
By partnering with XDuce, Infibeam Avenues Ltd aims to leverage this strategic alliance to enhance its Phronetic AI Solutions and CCAvenue Payments business in the U.S. market. The board of directors of Infibeam Avenues Ltd has approved this equity acquisition as a strategic step to integrate its PhroneticAI capabilities into XDuce’s existing framework, thereby bolstering platform and payments business growth in the U.S. market.
This collaboration is expected to significantly boost the intelligence quotient of XDuce’s solutions, particularly by incorporating PhroneticAI’s Fraud detection and Authentication and Risk identification (FAR) AI technology for the financial sector in the U.S. Additionally, XDuce will play a crucial role in supporting the U.S. growth of Infibeam Avenues Ltd’s payment gateway brand, CCAvenue, positioning it strongly within the lucrative U.S. financial sector.
Jay Dave, CEO of XDuce, expressed enthusiasm about the partnership, emphasizing the potential to enhance and broaden product offerings, thereby providing businesses and consumers in the U.S. access to cutting-edge AI-driven technologies for transaction fraud identification and prevention.
Rajesh Kumar SA, CEO of Phronetic.AI, highlighted the strategic move’s potential to enable Infibeam Avenues to penetrate the U.S. market with their AI fintech solutions focused on financial fraud prevention.
This strategic investment is set to reshape the trajectory of Infibeam’s international business, aiming to increase its international business contribution to the company’s total revenue in the next two years. Mr. Vishwas Patel, Joint Managing Director of Infibeam Avenues Ltd, shared that the international business currently contributes less than 10% to the company’s total revenue, with plans to grow this to 30% in the coming years. This investment in XDuce is a key step towards achieving growth in the CCAvenue payments business and the company’s platform business in the U.S.
The year 2022 marked a pivotal moment for Infibeam Avenues Ltd, with the restructuring and consolidation of its international business. The company is poised for global dominance in the digital payment gateway market and AI-powered fintech solutions for financial fraud prevention, with a presence in the MENA region, the U.S., and Australia.