Coimbatore: ItzCash, a leading player in the digital payments space, has announced that it has made an undisclosed investment in Bengaluru-based expense management fintech startup Finly. The deal has been bought to fruition through part equity investment and part business partnership.
“The expense management market for corporates is approximately a $25 billion opportunity in India, expanding multifold annually with an increasingly demand for digitisation,” said Bhavik Vasa, chief growth officer, ItzCash.
Finly has developed an expense management tool for corporates which will enable them to get a better insight into their spending and expenses.
The startup offers a web and mobile platform along with ItzCash prepaid cards for expense management and disbursement. Finly, founded by Veekshith Rai and Vivek AG in 2015, has tied up with a number of corporates to structure better designed processes enhancing cost and time efficiency for the system.
“The idea is to get ready for the next phase of financial services convergence,” said Naveen Surya, Managing Director, ItzCash.
“By replacing traditional tools for reporting expenses, our new offering will provide finance teams with tools and data that will enable them to have real time insights into their spends enabling them to make better strategic decisions leading to a hassle free experience and improved employee satisfaction,” he said.
