News from the Wire

ItzCash invests in fintech startup Finly

Monday, February 27, 2017 — 12:09:06 (EST)

Mumbai, India, Feb. 27, 2017 -- ItzCash, India’s leading player in the digital payments space today announced that it has made an equity investment in the Bengaluru-based expense management fintech startup Finly. The deal has been bought to fruition through part equity investment and part business partnership.

“The expense management market for corporates is approximately a $25 Billion opportunity in India, expanding multifold annually with an increasingly demand for digitisation” shared Bhavik Vasa, chief growth officer, ItzCash.

Finly has developed an expense management tool for corporate which will enable them to get a better insight into their spends and expenses. The startup (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 and 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, Mr. Naveen Surya – MD, ItzCash & 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.”

“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.” he added.

ItzCash which has adopted an aggressive omni-channel, omni-product strategy caters to a wide variety of audience inclusive of end consumers and corporate alike. The new investment will further strengthen its play in the expense management vertical fostering its move towards leadership in the segment.

ItzCash having crossed a whopping Rs. 50,000 crore worth of cumulative gross payment volume since inception, it is also the country’s first fintech startup 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. 15000 crore in the current year of FY 16-17.

About ItzCash:

ItzCash Card Ltd., India’s leading Digital Payments company and part of the Essel Group, was established in 2006. A pioneer in the prepaid payments in India, ItzCash initiated the concept of ‘digital cash’ to the Indian consumer and various business entities, heralding the beginning towards enabling a cashless transacting society. ItzCash continues to build on its innovation augmenting its product portfolio offering wide choice of payments and money transfer service having issued 110 million accounts till date. It constantly invests in upgrading technology towards creating world‐class omni-channel payments platforms for the emerging India. ItzCash has presence across consumer segments serving 35 million consumers annually and over 75,000 franchisees branded as “ItzCash World” in 3000+ cities and towns. ItzCash is backed by marquee investors Matrix Partners, Lightspeed Venture and Intel Capital.

For further details, visit www.itzcash.com .

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Source: Company press release.