The startup has incorporated a wholly-owned subsidiary Infibeam Avenues Australia Pty Limited in Australia
The listed startup will provide services such as mobile point of sale (mPOS), near field communication (NFC) and contactless card technology in the Australian market
Infibeam Avenues also has international operations in countries such as the United Arab Emirates, Saudi Arabia, Oman and the United States
Fintech and digital payments platform Infibeam Avenues on Monday (June 6) announced its foray into Australia with the incorporation of a local subsidiary in the country.
In a regulatory filing, the company said that it has incorporated a wholly-owned subsidiary, Infibeam Avenues Australia Pty Limited, to carry out ‘business in the area of online digital payments and fintech services’.
The newly incorporated company is yet to commence operations in Australia and has been set up with a paid up capital of AUD 10,000. The move will enable Infibeam to expand its global footprint and tap into the growing digital payments market of Australia.
The listed startup will provide services such as mobile point of sale (mPOS), near field communication (NFC) and contactless card technology in the area of online payments in the Australian market.
“We expect to capture a 5% market share in the digital payment segment in Australia in the next three years,” said Infibeam Avenues executive director Vishwas Patel.
The Gandhinagar-based startup, founded in 2007 by Sachin Dalal, Vishal Mehta and Neeru Sharma, provides end-to-end ecommerce payments solutions to enterprises, retailers, among others.It reported a 19% year-on-year (YoY) growth in consolidated profit after tax (PAT) at INR 84 Cr for the financial year 2021-22 (FY22).
Infibeam also has international operations in countries such as the United Arab Emirates, Saudi Arabia, Oman and the United States.
According to Statista, the Australian mPOS segment is expected to process $32.75 Bn worth of transactions in 2022. The total transaction value of the segment is expected to grow at a compounded annual growth rate (CAGR) of 25.16% between 2022-26.
According to an Inc42 report, homegrown fintech startups raised around $8 Bn across 280 funding deals in 2021, with an average ticket size of $33 Mn. The country’s fintech market opportunity is expected to reach the $1.3 Tn mark by 2025, growing at a CAGR of 31% between 2021 and 2025.