ItzCash, India’s digital payments fintech has turned profitable in FY 2016-17, registering a revenue growth of 40 percent to Rs. 250 crore across all its business verticals.

The company which is currently witnessing 6.5 lakh transactions a day, recorded payments volume of 14,000 crore last financial year in terms of only debit transactions.

Naveen Surya – MD, ItzCash said, "We pioneered digital payments for India and turning the first leaf of profitability comes in as a huge acknowledgement of the efforts the team has put in. We have aggressively expanded our footprint across sectors catering to a wide class of customers with our ever diversifying product portfolio while digitizing the cash of India.” He added, “At the start of the financial year, we had said we would be fully profitable and we have now accomplished that despite several moving variables.”

Bhavik Vasa - Chief Growth Officer, ItzCash said, “We were amongst the first to break-even in the industry back in 2010, but then we only had prepaid card and wallet products. ItzCash, since then has expanded into new businesses verticals such as remittances, financial services and corporate products ensuring a diversified revenue stream. We will also be looking at multiple partnerships which will include investments, joint ventures especially in blockchain technology, and acquisitions and investments in areas such as credit and insurance to accelerate our growth momentum going forward.”

The company recently invested in fintech startup Finly.io, which works in the corporate expense management space. ItzCash has also entered the financial services space, providing working capital loans through NBFCs to merchants where the company is setting up point of sale (POS) machines. The company deployed more than 30,000 PoS terminals in the past three months and aims to reach one lakh soon.

The company has also partnered with Prabhu Money a leading remittance company in Nepal to offer Indo-Nepal remittance services for Nepali diaspora settled in India, on a real-time basis.

ItzCash has over 75000 ItzCash franchisees branded as “ItzCash World” in 3000+ Tier I and II cities and towns and is acknowledged as the ‘Phygital Cash’ of India.

Post a Comment

Previous Post Next Post
Like this content? Sign up for our daily newsletter to get latest updates.