Listed fintech company Infibeam Avenues’s subsidiary, IA Fintech, yesterday received in-principle approval from the International Financial Services Centres Authority (IFSCA) to operate as a payment service provider (PSP).
In a filing with the exchanges, the company said that the approval will enable its subsidiary to offer escrow service, cross-border money transfer and acquire merchants via GIFT City.
“… We are pleased to inform that… IFSCA… granted in-principle approval to our wholly-owned subsidiary company i.e. IA Fintech IFSC Private Limited… to act as a payment service provider (PSP) in GIFT-IFSC…,” the company said in the filing.
With this, Infibeam Avenues will now be allowed to launch payment and settlement products for its international clientele out of India. The PSP licence will also enable the fintech company to leverage GIFT City’s regulatory advantages, create alternate sources of revenues and build newer offerings in the cross-border remittances segment.
Founded in 2007 by Vishal Mehta, Infibeam provides digital payment solutions and enterprise software platform solutions.
The latest development comes at a time when Infibeam has been witnessing healthy action on the operational front. Earlier this year, the fintech giant approved the transfer of its ecommerce platform on a slump sale basis to its subsidiary Rediff.com for a valuation of INR 800.39 Cr.
The move was part of Infibeam’s bid to focus more on scaling its digital payment gateway, CCAvenue and its AI infrastructure services under Phronetic.ai.
Meanwhile, in June, the fintech giant raised INR 700 Cr via a rights issue to strengthen its AI footprint. It also received the third-party application provider (TPAP) licence from the National Payments Corporation of India (NPCI) for its digital payment platform RediffPay earlier this year.
On the financial front, Infibeam Avenues’ consolidated profit after tax declined 16% to INR 58.4 Cr in Q1 FY26 as against INR 69.4 Cr in the year-ago quarter. However, operating revenue soared 72% to INR 1,280.2 Cr from INR 745 Cr in Q1 FY25.
The post Infibeam Arm Gets PSP Licence From GIFT City IFSC appeared first on Inc42 Media.
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