Payments company ItzCash has made an undisclosed equity investment in Bangalore-based expense management company Finly. ItzCash added that the deal signed was also a business partnership between the two companies.
Finly has developed an expense management tool for corporates and businesses which will enable them to get a better insight into their spends and expenses. The company offers a web and mobile platform and will use ItzCash prepaid cards for expense management and disbursement.
Finly was founded in 2015 by Veekshith Rai and Vivek AG and says that it has tied up with a number of businesses but hasn’t mentioned who its clients are on the website.
Meanwhile, the Economic Times reports that this investment is the first of several by ItzCash in the fintech space. Naveen Surya, MD and CEO of ItzCash, added that the company would be looking at joint ventures, acquisitions and investments in blockchain technology, credit and insurance.
ItzCash has clocked volume transactions of over Rs 6,000 crore in the utility bill payments space for the year 2015-16. Cumulatively, it has processed bill payment transactions worth Rs 50,000 crore till date from when it started operations in 2006.
In July 2016, the company also got an in-principle nod to run a Bharat Bill Payments Operating Unit (BBPOU). The National Payments Corporation of India (NPCI) set up the Bharat Bill Payment System (BBPS), a centralized interoperable bill payment system. BBPOUs are units which can create an agent network and will be responsible for on-boarding billers and aggregators. In addition, they will be responsible for transaction handling, infrastructure development and application development, including APIs.