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One of the leading SME Lending platform as well as solutions for payments in retail segment, Innoviti has raised another $18 million to further grow its platform and infrastructure for expansion.
Innoviti Payment Solutions had raised $18.5 Mn (INR 120 Cr approx) as Series B. The funding was led by Singapore-based SBI-FMO Fund. Bessemer Venture Partners and existing investor Catamaran Ventures also took part in this round.
Speaking on the development Suramya Gupta, Fund Manager, SBI-FMO Fund said, “We are excited to partner with Innoviti as we jointly build the leading digital payments platform in India. Innoviti is a company focussed on developing unique solutions for the Indian payments context and we like companies with the ability to create IP. We believe these solutions will also be valuable to other countries in Asia and we will work with Innoviti to extend our network in this region to them.”
Innoviti comprises of two products, first one provides Cashless Payments Acceptance System
For the SME segment of the retail sector and the second one is easy short term loans to fuel growth.
The company has also tied up with National Payment Corporation Limited to club UPI on POS machines which means you could now pay through UPI from your App over POS terminals.