With the stake acquisition, Infibeam is looking to integrate its digital payments framework with Pirimid Fintech’s capital market trading software for clients in India and globally.
The deal will also help Infibeam add newer revenue streams, as it provides its digital payment platform to capital markets though Pirimid.
Pirimid Fintech will leverage Infibeam’s platform to develop innovative digital lending solutions, offer more efficient credit disbursement, enhance customer experience and improve risk management through advanced data analytics and artificial intelligence (AI) algorithms.
At present, Pirimid Technologies provides software for capital markets including a solution for hedge funds along with robo-advisory offerings. It also offers an early warning system and account aggregation platform for banks and financial services companies.
“Pirimid has built a robust product for capital markets stakeholders and this strategic investment opens up a compelling growth opportunity to capitalise on our existing digital payments and platform solutions, by creating a synergy with the capital market tech products,” said Vishal Mehta, chairman and managing director, Infibeam Avenues.
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Pirimid had reported an annual turnover of Rs 13.78 crore in FY23, up 39% on year.“We are very excited about this investment and strategic partnership with Infibeam. Their expertise in building highly secured and scalable technology frameworks will enhance our capabilities,” said Nirav Prajapati, chief executive officer, Pirimid Fintech.
Pirimid’s clients include BidFX, a subsidiary of the Singapore Exchange (SGX), as well as financial institutions such as Bank of Baroda and digital credit provider Lendingkart.
Currently, Infibeam claims to have processed transactions worth Rs 4.5 lakh crore ($ 54 billion) in FY23. It currently has over 8 million-plus clients across digital payments and enterprise software platforms.