Infibeam Avenues Acquires 20% Stake in XDuce, Accelerating AI Expansion in the US

• ByStartupStory     |    February 26, 2024

Infibeam Avenues Ltd, a leading AI-powered fintech company, has invested $10 million to secure a 20% strategic stake in XDuce, an enterprise Application and AI development firm based in the United States.

The Board of Directors greenlit this equity acquisition, marking a pivotal step in integrating Infibeam Avenues Ltd’s Phronetic capabilities into XDuce’s existing framework. The aim is to bolster the platform and payments business growth in the US market, according to an official release from the company.

“This collaboration will enhance our product offerings, providing 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.

Headquartered in New Jersey, USA, XDuce boasts a team of over 150 software developers. By aligning forces, Infibeam Avenues Ltd anticipates tapping into this extensive network for its Phronetic AI Solutions and CCAvenue Payments business in the US.

Rajesh Kumar SA, CEO of Phronetic.AI, expressed the strategic significance of the move, stating, “It will enable Infibeam Avenues to penetrate the US market with our AI fintech solutions for the financial fraud prevention space.”

This integration is expected to elevate the intelligence quotient of XDuce’s solutions, particularly through the incorporation of PhroneticAI Fraud detection and Authentication and Risk identification (FAR) AI technology for the financial sector in the US.

The company envisions a substantial boost to its international business contribution to total revenue over the next two years, solidifying its position in the rapidly evolving landscape of AI-driven fintech solutions

Follow Startup Story