Payments and lending business Innoviti has received $18m in its Series B funding round led by Singapore-based SBI FMO, Bessemer Venture Partners and Catamaran.
India-based Innoviti’s offers payment automation, consumer credit distribution and SME lending.
Innoviti’s payment platform is used by retailers including Reliance Retail, Titan, Landmark Group, INOX, Indigo, Walmart, among others. The company’s lending platform is used by banks including HDFC, ICICI, Axis, SBI, Standard Chartered, Kotak and Citibank.
The loans platform processes over 150,000 loans a year, and total lending is more than $500m. The company’s uniPay has been used for over $3bn worth of B2C transactions across 50,000 POS terminals.
This capital will be used to expand the company’s increase the client base for its uniPay platform, expand the lending products to provide capital loans to more stores and brands. The company will also like to go beyond retail clients to across the supply chain.
SBI-FMO fund manager FundSuramya Gupta said, “We are excited to partner with Innoviti as we jointly build the leading digital payments platform in India. Innoviti is a company focused 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.”
This funding round follows the company’s $5m Series A in 2015, which was used to improve its uniPay payments platform and expanding its services to include lending to small businesses.
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