Innoviti raises additional ₹75 cr in Series D from Dutch investor FMO
Innoviti Payment Solutions Pvt. Ltd, which operates an eponymous payments-focused financial technology firm, announced that it has raised an additional Rs. 75 crore (US$ 9.66 million) in Series-D funding from existing investor FMO, the Netherlands' development finance institution. The fintech company will raise another Rs. 125 crore (US$ 16.11 million) in the next few weeks towards the final closing of its Series-D round at Rs. 280 crore (US$ 36.08 million), it said in a statement.
The funds will be used by Innoviti to strengthen its technology and make acquisitions in the fields of data science and marketing technologies. A portion of the funds will also be used for working capital and product marketing.
The company claims to handle more than Rs. 75,000 crore (US$ 9.66 billion) of annualised purchase volume. The company is also working with Visa to set up an instalment platform to help democratise access to credit.
The fintech sector is expected to grow with a compound annual growth rate (CAGR) of 22% in the next five years, according to a report by Mumbai-based VC firm BLinC Investment Management.
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