Innoviti Payment Solutions is one of India's most exciting FinTech companies. Innoviti started its payments business in 2008. Innoviti helps Merchants, Banks & Brands monetize their payments data. It quickly established itself as a pioneer on innovation and leader of execution in the payments space. Processing over 4.5 B$ worth of payments annually from 700+ cities in India, 5% of India's offline merchant payment transactions annually.
Innoviti owns a multi-sided payments platform that can add intelligence to traditional payment channels in real-time. This makes these channels more valuable than conventional channels to all the parties involved in a transaction - Merchants/ Brands selling goods through Merchants/ Consumers/ Lenders, etc. Their benefits range from improved reconciliation, saving operational costs, targeted promotions, originating loans from non-traditional points, enhancing sales to driving customer experience. The company has raised a total of US$ 23 million of funding till date from marquee investors such as Catamaran Ventures, SBI-FMO fund, Titan Industries and Bessemer Venture Partners.
The company has created a payments platform that helps in doing this. This platform has a unique ability to add intelligence to traditional payment channels helping businesses reduce cost and enhance sales. Four kinds of businesses get attracted to use these channels.
a) Merchants who want insights into customer payments for better control and reduced payment back-office operations.
b) Brands who want to drive preference for their products through lower cost and better controlled promotions at these merchants.
c) Financial service providers such as payment entities, wallets, employee benefit cards, who want to drive preference for their payment instrument.
d) Banks and lenders who want to get access to customers at these merchants to offer them loans at a lower risk and cost than other channels.
Innoviti is addressing these customers through two key propositions -
a) uniPAY Next - a set of consumer payment and lending services and
b) smelending.com - a set of short-term working capital services for small businesses. Over the past two years the company has invested heavily in building up the platform. It is now ready to disrupt the business by changing the way payments platforms add value and attract and onboard customers. It would do this by:
a) Making the platform open to onboard customers easily,
b) Changing distribution models to reach 100X customers, and
c) Allowing more intelligence to the channels.
To drive this roadmap the company is looking for talent who are ready to do what no payments platform has done before and what every payment platform will do thereafter.
Would you like to join this journey?