Digital payments and SME lending company Innoviti Payments has invested $2.9 Mn (INR 20 Cr) in developing new technology solutions for its point of sales (PoS) terminals. With this, the fintech startup plans to enter healthcare, wellness and fitness, education and travel markets, among others.
The company has introduced EMI Next, aimed at enabling merchants, brands and lenders to design specific and flexible EMI products for consumers to suit their requirements
Bikram Bajaj, product head at Innoviti Payments said“With our new advancement we will be taking it to other sectors like healthcare, wellness and fitness merchants, education centres, etc.”
Bajaj claims that Innoviti Payments can now process transactions within three seconds, enable instant cashbacks — and have shown 95% success on card transactions. The company expects to achieve 20% growth overall with its latest innovations. It has a network of more than 11,000 retail outlets spread over 850 cities in India.
Related Article: POS Provider Innoviti Eyes Expansion With $11.5 Mn Debt Funding
The company says that EMI Next enables distribution of loans provided by card issuers and NBFCs from non-traditional points such as POS terminals. It allows retail merchants, brands and lenders to design schemes through a D-I-Y portal called #Flexi-Scheme Designer.
Innoviti maintains that its flagship product Unipay processes over $3 Bn of annual transaction volume through more that 50K POS terminals across India. Since its launch in 2016, Bengaluru-headquartered Innoviti has scaled its operations to 700 cities across India.
In a conversation with Inc42 earlier, Innoviti founder Rajeev Agrawal said that his company has disbursed about 160K (number of) loans to over 30,000 small merchants pan India. Also, the yearly disbursement volume of SME lending for the company ranges from $62.3 Mn (INR 400 Cr) – $78 Mn (INR 500 Cr).
In January this year, Innoviti brought former Britannia and Unilever executive Neeraj Chandra to its Advisory Board. The startup then claimed its move to be part of Innoviti’s aggressive growth plans for scaling up its flagship solutions – uniPAY NEXT post its $18 Mn Series B fund raise in July 2017.
India currently houses more than 500 fintech startups. The sector is forecasted to cross $2.4 Bn by 2020, according to KPMG and NASSCOM report. The latest Inc42 Datalabs’ Indian Tech Startup Funding Report H1 2018, suggests 46% of the total funding of $3 Bn in H1 2018 went to Fintech and Ecommerce alone. The report states the Fintech sector will continue to be one of the important sectors to look out for in H2 2018.
Other Indian fintech startups making mark in this space include Faircent, Kissht, Simpl, FTCash, Rubique, EarlySalary, MoneyTap, and Instamojo, among others.
[The development was reported by ET.]