Infibeam Avenues invests $10 million in US-based AI firm XDuce

Infibeam Avenues, a leading AI-powered fintech company from India, has acquired a 20% stake in XDuce, an enterprise application and AI development company based in the US, for $10 million. The strategic partnership aims to boost Infibeam’s international business and expand its AI solutions in the US market.

XDuce, founded in 2006, provides business application implementation, integration, and transformation services to clients in North America, including major banks and financial institutions. The company has a team of over 150 software developers and experts in AI, cloud, and data analytics.

Infibeam Avenues, founded in 2007, offers payment acquiring and issuing solutions, digital banking suites, money transfer solutions, and correspondence banking services. The company also has an AI arm, Phronetic.AI, which provides fraud prevention and risk management solutions.

The deal will enable Infibeam to leverage XDuce’s expertise and client base to grow its payment gateway brand, CCAvenue, and its platform business in the US. It will also allow XDuce to integrate Infibeam’s Phronetic.AI capabilities into its existing framework and offer state-of-the-art AI-driven technologies to its customers.

“Last year, international business contributed less than 10% to Infibeam Avenues Ltd’s total revenue and we plan to grow the international business to 30% of total revenue in the next couple of years. This strategic investment in XDuce will support the growth of CCAvenue payments business as well as our platform business in US,” said Vishwas Patel, joint managing director of Infibeam Avenues.

“We are enthusiastic about this strategic investment, as it signifies a pivotal moment for XDuce. Collaboratively, we aim to enhance and broaden our product offerings, offering businesses and consumers in the US access to state-of-the-art AI-driven technologies for identifying and preventing transaction fraud,” said Jay Dave, CEO of XDuce.

The deal is expected to close by the end of March 2024, subject to customary closing conditions and regulatory approvals