Digital payments company ItzCash has 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,” said 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 fintech startup offers a web and mobile platform along with ItzCash prepaid cards for expense management and disbursement. Founded in Bengaluru by Veekshith Rai and Vivek AG in 2015, Finly has tied up with a number of corporates to structure better designed processes enhancing cost and time efficiency for the system.
Commenting on the investment, 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.”
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 Rs. 15000 crore in revenue in the current fiscal (FY16-17).