ItzCash, a leading player in the digital payments space, today, announced that it has made an equity investment in the Bengaluru-based expense management fintech start-up, Finly. The deal has been brought to fruition through part equity investment and part business partnership. “The expense management market for corporates is approximately a USD 25 billion opportunity in India, expanding multi-fold annually with an increasing demand for digitization,” shared Bhavik Vasa, Chief Growth Officer, ItzCash.
Finly has developed an expense management tool for corporates, which will enable them to get a better insight into their spends and expenses. The start-up (www.Finly.io) offers a web and mobile platform along with ItzCash prepaid cards for expense management and disbursement. Finly, founded in Bengaluru by Veekshith Rai and Vivek AG in 2015, has tied up with a number of corporates to structure better designed processes enhancing cost and time efficiency for the system.
Commenting on the occasion, Naveen Surya, MD, ItzCash and Chairman, Payments Council of India, said, “The idea is to get ready for the next phase of financial services convergence. By replacing traditional tools for reporting expenses, our new offering will provide finance teams with tools and data that will enable them to have real-time insights into their spends enabling them to make better strategic decisions leading to a hassle-free experience and improved employee satisfaction.”
ItzCash which has adopted an aggressive omni-channel, omni-product strategy caters to a wide variety of audience including end consumers and corporates alike. The new investment will further strengthen its play in the expense management vertical.
ItzCash having crossed Rs 50,000 crore worth of cumulative gross payment volume since inception, is also the country’s first fintech start-up to have christened ‘profits’ for the digital payments industry as it turns profitable by the end of this fiscal. The company which today boasts of a strong customer base of more than 40 million customers across the country is all set to cross the top-line of Rs 15,000 crore in the current FY 16-17.