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Fintech Innoviti rebrands into an accelerator of commerce

The payment-focused start-up is backed by Bessemer Venture Partners, USA, FMO, Netherlands, Catamaran Ventures, Panthera Growth Partners, Singapore and Alumni Ventures

Fintech Innoviti rebrands into an accelerator of commerce
Freepik
POSTED ON October 27, 2022 4:55 PM

Undergoing a rebranding effort, collaborative commerce platform Innoviti Payment Solutions will now be known as Innoviti Technologies. The company will adopt a multi-pronged approach as part of its new avatar.

It will start with providing a suite of relevant and simple-to-use APIs and technology tools, followed by empowering businesses to use these to create their unique solutions. The payments company will also enable them to measure the effectiveness of their ideas by correlating them with their impact on payment flows.

Innoviti's founder and chief executive officer Rajeev Agrawal said, "Innoviti's vision with its rebranding exercise is to unlock the creative potential of every individual in every department of a business by making it easy for them to create and implement solutions to their unique business problems using Innoviti's APIs and tools." 

He added that Innoviti would also provide APIs that will enable them to measure the impact of their design on the eventual source of truth for a business, its impact on payment inflows or outflows. "We believe this will help non-tech individuals develop technology to convert their ideas to reality and bring in a new wave of unparalleled efficiency in businesses," Agarwal added.

Innoviti aims to use technology to unleash the power of payments as not just an enabler of commerce but an accelerator of commerce. Traditionally payment technology has been enabling newer and better ways of accepting payments. The Bengaluru-based company's rebranding initiative expands these possibilities to solve problems of financial control, reconciliation, customer acquisition and customer retention.

Innoviti claims to have over 70 per cent share in providing purchase solutions to Indian enterprises, managing over Rs. 75,000 crores of annual purchases from more than 2000 cities in the country. It is backed by Bessemer Venture Partners, USA, FMO, Netherlands, Catamaran Ventures, Panthera Growth Partners, Singapore and Alumni Ventures. 

In June this year, the payments-focused fintech closed its Series D round with an additional $25 million funding from investors led by Singapore's Panthera Growth Partners. This took its total Series D funding to $45 million, taking the company's total capital raising to $75 million. 

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