Finly.io is a Bengaluru – based fintech startup. It designs expense management software for corporates. The startup has received an equity investment from the digital payment company, ItzCash. Naveen Surya, MD at ItzCash said that this equity investment made by the company is just the first among many other investments and partnerships the company plans to make in the fintech sector in the near future. Finly.io has both a website and a mobile application. The startup will use ItzCash’s prepaid card for expense management and disbursement. Read more on Investments
Naveen Surya said that this investment made by ItzCash is part equity investment and part business partnership but refused to disclose the amounts invested.
“The idea is to get ready for the next phase of financial services convergence. This year we are looking at multiple partnerships which will include investments, joint ventures especially in block chain technology, acquisitions and investments in areas such as credit and insurance”, said Surya.
ItzCash has so far raised US $51 million from investors such as Matrix Partners, Intel Capital and Lightspeed Venture Partners and is considering IPO option presently. According to ItzCash, the market for expense management for corporates stands at US $30 billion in India, currently. This is largely owing to the fact that payments are getting increasingly digital in India. Several fintech startups which offer expense management software for corporates have emerged in India during the last five years. Two of the emerging fintech startups in India are Happay and ChargeBee.
As has been pointed out by ItzCash, fintech is one among the many emerging sectors in India. It is heartening to see a startup from this sector get funded. With digital payments on the rise after demonetization, the fintech sector in India is expected to touch US $100 billion within the next five years. The Government of India must take steps to promote investments in emerging sectors like fintech. Read more on Startup News