ItzCash that Finly will Get for Keep­ing Cor­po­rate Books

The Economic Times - - Disruption: Startups & Tech - Mugdha.Vari­yar @times­group.com

Ben­galuru: Dig­i­tal pay­ment com­pany ItzCash has made an eq­uity in­vest­ment in Ben­galuru-based fin­tech startup Finly.io, which has de­vel­oped an ex­pense man­age­ment tool for cor­po­rates. Itzcash MD Naveen Surya said this is the first among the sev­eral in­vest­ments and part­ner­ships the com­pany is look­ing to make in the fin­tech space this year. Finly, which cur­rently has a web and mo­bile plat­form, will use ItzCash’s pre­paid card for ex­pense man­age­ment and dis­burse­ment. Surya said the deal is part eq­uity in­vest­ment and part busi­ness part­ner­ship, but did not dis­close the amount.

“The idea is to get ready for the next phase of fi­nan­cial se­vices con­ver­gence. This year we are look­ing at mul­ti­ple part­ner­ships which will in­clude in­vest­ments, joint ven- tures es­pe­cially in blockchain tech­nol­ogy, and ac­qui­si­tions and in­vest­ments in ar­eas such as credit and in­sur­ance,” said Surya.

The new fund­ing is from in­ter­nal ac­cru­als, Surya said, adding that the com­pany will be­come prof­itable this fi­nan­cial year.

The dig­i­tal pay­ments com­pany, which has so far raised about $51 mil­lion from in­vestors such as Ma­trix Part­ners, In­tel Cap­i­tal and Light­speed Ven­ture Part­ners, is also likely to con­sider IPO op­tions soon. ItzCash said ex­pense man­age­ment for cor­po­rates is ap­prox­i­mately a $25-30-bil­lion op­por­tu­nity in In­dia, and is in­creas­ingly mov­ing to dig­i­tal plat­forms. Sev­eral fin­tech firms are look­ing at cor­po­rate ex­pense man­age­ment ei­ther as a core area of busi­ness or an added ser­vice.

Dig­i­tal pay­ment firm Zeta re­cently told ET that it plans to in­tro­duce an ex­pense man­age­ment sys­tem for cor­po­rates this quar­ter. Other play­ers in the en­ter­prise fi­nance space are Hap­pay and ChargeBee.

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