Innoviti, a company that develops payments processing, credit distribution, and payments management software solutions, announced that it has raised Series C funding led by FMO: Entrepreneurial Development Bank and Bessemer Venture Partners.
Innoviti uses data intelligence to bring together merchants with brand and bank networks, helping them connect, collaborate, and create new and unique offers for their common customers. This helps networks use the power of modern technology to intelligently target customers, create superior offers, and grow their sales faster with unmatched efficiency.
The company said that it will use the current financing to further the customer-centric intelligent payments strategy by crafting new solutions for new market segments. It has plans to build specialized distribution models that can support these solutions at scale while delivering high quality service. With this funding Innoviti aims to become cash positive by March 2021.
Commenting on the investment, Jaap Reinking, Director Private Equity (FMO), said, “Innoviti has been using payments technology to find new and unique ways of helping small businesses grow efficiently. In a fast-developing economy like India, use of technology is critical to make MSME’s competitive in the marketplace and provide them with efficient and sustainable access to financial services. We are excited about partnering with Innoviti through our recently established Ventures Program.”
“We are excited to continue to back Innoviti given their leadership and innovations on payment software platforms for merchants and MSME’s,” said Vishal Gupta, Managing Director, Bessemer Venture Partners.
“Digital payments can do far more for businesses than move money. The usefulness of vanilla terminals and QR stickers is limited as businesses demand more from payment solution providers, more intelligence, more reliability, and more savings. A key differentiator for us has been developing sophisticated technology and delivering it through simple, exceptionally crafted payment experiences. This is hard, very hard to put together. We are proud to have done that. This customer centricity and a relentless focus on excellence has helped us become the most capital efficient company in this space. The current funding is a huge endorsement of our strategy and we look forward to achieving our goal of becoming self-sustainable with this funding,” said Rajeev Agrawal, CEO, Innoviti.
Innoviti Payment Solutions Pvt. Ltd. is backed by Catamaran Ventures, SBI Capital, Bessemer Ventures and FMO.
HrNxt.com Newsdesk has researchers and writers with an excellent domain knowledge about the talent ecosystem, and the business environment. The team keeps a tab on the latest happenings in the ecosystem to bring most relevant news and insights for our readers. You can connect with our newsdesk at newsdesk@hrnxt.com.