ItzCash invests in expense management fintech startup Finly

Digital payments company ItzCash has made an equity investment in the Bangalore-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 digitization” said Bhavik Vasa - Chief Growth Officer, ItzCash.

Finly has developed an expense management tool for corporate 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. Founded by Veekshith Rai and Vivek AG in 2015, Finly 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. 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,” said Naveen Surya – MD, ItzCash & Chairman, Payments Council of India.

“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.

ItzCash which has adopted an aggressive omni-channel, omni-product strategy caters to a wide variety of audience inclusive of end consumers and corporate alike. The new investment will further strengthen its play in the expense management vertical bolstering its foothold in the segment.