Infibeam Avenues to make further investment in fintech firm RemitGuru

Infibeam Avenues Limited said that its board has given a green signal for making further investment in Avenues Payments India Private Limited, the owner of RemitGuru, an online remittance service provider.

The investment will take the stake of Infibeam Avenues in RemitGuru to 16.66%.

RemitGuru has developed a digital cross border money remittance solution, using which customers from 25 plus countries send money to India in eight currencies.  The company also provides its platform to banks across the world to let them launch their own cross border transaction services.

For FY2020-21, the Indian online remittance service provider had a turnover of INR8.58 crores.

Earlier this month, it was reported that RemitGuru is looking to raise nearly $50 million from existing and new investors that include Infibeam Avenues, Paytm, Pentathlon Ventures, and others.