Fintech Firm, Avenues World FZ LLC, Eyes 10X Growth of USD 27 Billion in MENA Digital Payments Market
Global fintech firm, Infibeam Avenues Ltd’s UAE-based wholly owned subsidiary, Avenues World FZ LLC, is eyeing a ten-fold growth in the MENA markets, chasing an annual payment processing target of US$27 billion (AED 100 billion) from its current US$2.7 billion (AED 10 billion) by 2030.
Avenues World FZ LLC is UAE’s second largest non-bank payments aggregator, that owns and operates the fintech brand – CCAvenue.ae in MENA region. As part of expanding its footprints across the MENA and the global markets of the US, Australia and South East Asia, Infibeam has consolidated all its international business under Vavian International, its UAE arm.
“The consolidation of international business out of UAE is a crucial step in company’s pursuit to become a global fintech & payment infrastructure company,” said Vishwas Patel, Executive Director, Infibeam Avenues.
Infibeam’s digital payments aggregation brand, CC Avenue, has over 5,000 customers in the UAE alone, a market which is growing at a CAGR of 20 per cent during 2021-2023, creating growth opportunities for fintech and payment aggregators.
“We have already started making inroads into the GCC markets from our UAE base, particularly in Oman and Saudi Arabia. We have already tied with three of the largest banks in Oman for payments. Saudi Arabia is already operational, and we will start scaling the business from FY24,” Patel said.
According to Statista, digital paymentsin GCC itself is expected to scale to $168 billion by 2027, which will fintech companies in the payments space to bring in top-notch technology and scale capability with high amount of safety and security built-in, As part of expanding its bouquet of services, Infibeam recently partnered with PayPal, allowing businesses in the MENA region to settle and receive payments from their cross-border customers and vendors. With this partnership, businesses in the MENA region will have access to a global network of 435 million active PayPal accounts across 200-plus countries, eliminating the need of having a US bank account.