SBI invests Indian fintech player
Indian payments technology service Innoviti Embedded Solutions has raised a INR1.2 billion ($18.6 million) funding round led by SBI-FMO Fund.
Bessemer Venture Partners and existing investor Catamaran Ventures also took part in the round. The new capital will be used to expand Innoviti’s flagship uniPAY Next payments platform, as well as its small and medium-sized enterprise (SME) focused lending marketplace Smelending.com.
Innoviti was founded in 2008 and launched uniPAY the same year. The platform and proprietary point of sale (POS) allows merchants to process a variety of cashless payments including credit and debit cards, mobile wallets and other mobile payment apps. The company claims to process more than INR150 billion in payments annually through 30,000 terminals nationwide.
Smelending launched in 2015 to help small businesses arrange short-term loans starting at INR30,000. It claims to have processed more than $500 million in loans since launch.
AVCJ Research's records show two previous funding rounds for Innoviti: a $1.6 million investment by Tata Capital in 2014 and a $4.7 million commitment by Catamaran in 2015. The company’s competitors in the payments space include mobile POS developer Mswipe, backed by Matrix Capital Partners, Falcon Edge Capital and DSG Consumer Partners.
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