[Funding alert] Innoviti Payment Solutions raises Series C round from FMO, Bessemer Venture Partners
Innoviti, an enterprise payments solution provider, has raised an undisclosed funding in Series C round. The funding round was led by Netherlands-based FMO: Entrepreneurial Development Bank and US-based Bessemer Venture Partners.
The company, which was started in 2002, said it will use this investment to develop new solutions, market expansion, and aims to become cash positive by March 2021.
Rajeev Agrawal, CEO, Innoviti Payment Solutions
“The current funding is a huge endorsement of our strategy, and we look forward to achieving our goal of becoming self-sustainable with this funding,” said Rajeev Agrawal, CEO, Innoviti.
Innoviti Payment Solutions provides technology-led payment solutions and point-of-sale terminals for businesses, offline merchants, and small retailers, by partnering with banks and digital payment providers.
According to a press release by Innoviti, it processes over $6.5 billion annualised offline merchant payment volume. The company claimed it has recorded a 250 percent revenue growth over a 180 percent merchant volume growth since Series B round of funding.
“Innoviti has been using payments technology to find new and unique ways of helping small businesses grow efficiently. In a fast-developing economy like India, use of technology is critical to make MSME’s competitive in the marketplace and provide them with efficient and sustainable access to financial services. We are excited to partner with Innoviti through our recently-established Ventures Programme,” said Jaap Reinking, Director, Private Equity (FMO).
“We are excited to continue to back Innoviti, given their leadership and innovations on payment software platforms for merchants and MSME's,” said Vishal Gupta, Managing Director, Bessemer Venture Partners.
Prior to this funding round, the other investors in Innoviti include the likes of Catamaran Ventures, Tata Capital, SBI Venture Capital, and Trifecta Capital Advisors.
The CEO of Innoviti believes that digital payments can do far more for businesses. “A key differentiator for us has been developing sophisticated technology and delivering it through simple and exceptionally crafted payment experiences,” he said.