As reported by The Hindu Business Line, the second largest bank of India by assets, ICICI Bank has acquired 8.85% stake for INR 10 crores in Avenues Payment, a Mumbai-based global payments solutions. The acquisition is expected to be processed by October this year. No regulatory approval is required for the deal as the shareholding acquisition is less than 10 per cent.
Avenues Payments will utilize the funds to promote the adoption of digital payments for corporate and retail customers. Founded by Vishwas Patel and Hershel Asmani in 2012, this fintech company provides a technology-first platform and help its customers to send and remit money across the globe. The company is backed by Avenues India.
With an annual turnover of around INR 1.2 crores, the company serves customers in India, the United Kingdom and Australia. ICICI Bank has been very active for the past few years with a number of fintech investments to its name. ePayLater, a digital payments startups was reported to raise around INR 8.7 crores from ICICI Bank in July this year.
Other startups that raised funds from ICICI Bank includes Taptis Technologies, a mobile payments startup, Fingpay, an Aadhaar and Biometrics payment solution, and Arteria Technologies, a startup offering SAP-based supply chain solutions. ICICI Bank has announced to invest INR 100 crores in tech startups by the end of this year and has already invested INR 40 crores from the fund.