Stock below Rs 20: This fintech company surged over 9.8 percent, find out why

With today’s high, the company has rallied over 29 percent from its 52-week low of Rs 12.50.

On Monday, shares of Infibeam Avenues surged over 9.8 percent from the previous close of Rs 14.70 to hit an intraday high of Rs 16.15. The scrip closed 9.18 percent up at Rs 16.06.

Recently, in its exchange filing, the company announced that it has received a perpetual license from the Reserve Bank of India (RBI) for its bill payment business, BillAvenue, to operate as a Bharat Bill Payment Operating Unit (BBPOU) under the Bharat Bill Payment System (BBPS). As a BBPOU, BillAvenue operates as both an invoice issuer and customer operating unit, bringing in billers and agent institutions to serve customers.

The perpetual license will help the company to provide safe, secure and uninterrupted services to its over 18,000 billers, agent institutions and their network of one million agents spread across 2,000 cities and towns in India. BillAvenue services Telecom, Broadband Companies, Cable TV, DTH Players, Electricity Distribution Companies, LPG & Gas Distribution Companies, FASTAG, Health Insurance, Life Insurance, NBFCs and Municipalities, apart from others, as its customers.

Infibeam Avenues Limited is one of the leading global financial technology (fintech) companies providing comprehensive digital payment solutions and software platforms to businesses and governments across industry verticals. The company’s payment solution includes the acquisition and issuance of solutions and offers of infrastructure for banks. The company processed transactions worth INR 2.8 trillion (USD 37 billion) in FY22 for its over 7 million customers across digital payments and enterprise software platforms.

With today’s high, the company has rallied over 29 percent from its 52-week low of Rs 12.50. Keep an eye on this trending fintech company.