Digital payments aggregator ItzCash said it has made an equity investment in the Bengaluru-based expense management fintech startup Finly. It will be a part equity investment and part business partnership deal, ItzCash said. Bhavik Vasa, chief growth officer of the company, said the expense management market for corporates is approximately a $25 billion opportunity in India, expanding multifold annually with an increasingly demand for digitization. Finly has developed an expense management tool for corporate which will enable them to get a better insight into their spends and expenses. It offers a web and mobile platform along with ItzCash prepaid cards for expense management and disbursement. Naveen Surya, MD, ItzCash, 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, he added.
