ItzCash funds Bengaluru startup Finly

MUMBAI: Digital payments company and a part of the Essel Group, Itzcash has made an equity investment in the Bengaluru-based expense management fintech startup Finly. The deal has been bought to fruition through part equity investment and part business partnership.

Finly has developed an expense management tool for corporates, which will enable them to get a better insight into their spends and expenses. The startup offers a web and mobile platform along with ItzCash prepaid cards for expense management and disbursement. Finly founded in Bengaluru by Veekshith Rai and Vivek AG in 2015 and has tied up with a number of corporates to structure better designed processes enhancing cost and time efficiency for the system.

“The expense management market for corporates is approximately a $25 Billion opportunity in India, expanding multifold annually with an increasingly demand for digitization,” shared Bhavik Vasa - Chief Growth Officer, ItzCash.

Commenting on the occasion, Naveen Surya – MD, ItzCash & Chairman, Payments Council of India said, “The idea is to get ready for the next phase of financial services convergence. 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.”

“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 added.