Fintech firm, Avenues World FZ LLC, eyes 10X growth of $27bln in MENA digital payments market

Fintech firm, Avenues World FZ LLC, eyes 10X growth of $27bln in MENA digital payments market

- Consolidates global business operations under the UAE arm

Dubai: 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