Mumbai: Payments company Itzcash Monday said it has invested an undisclosed sum in an expense management start-up, Finly, eyeing what it pegged as a $25-billion opportunity.
“Expense management market for corporates is approximately a $25 billion opportunity in India, expanding multifold annually with increasing demand for digitisation,” ItzCash’s chief growth officer Bhavik Vasa was quoted as saying in a company statement.
The new investment by Itzcash is aimed at strengthening Finly to become a market leader. Finly is a Bengaluru-based start-up in the fintech space which has developed an expense management tool for corporates that will enable them to get a better insight into their spends.
The announcement comes amid a growing interest shown by financial sector companies in fintech start-ups, as they seek to get their hands on technologies which will shape the future. “The idea is to get ready for the next phase of financial services convergence,” Itzcash’s managing director Naveen Surya said.
Finly was founded in 2015 and offers a web and mobile platform along with ItzCash prepaid cards for expense management and disbursement, the Itzcash statement said. It has adopted an omni-channel, omni-product strategy caters to a wide variety of audience inclusive of end consumers and corporate alike, it said.