Tata-backed Innoviti has secured new funding in a round led by a fund backed by financial services providers SBI and FMO.
India-based online financial technology developer Innoviti has raised $18m in a funding round led by SBI-FMO Fund, a fund formed by financial services firm SBI Group and Dutch development bank FMO.
Venture capital firm Bessemer Venture Partners and investment firm Catamaran Ventures also took part in the round.
Innoviti operates two distinct products: UniPay Next, a cashless payment processing system used by more than 100 merchants such as Walmart; and a platform called SMELending.com that allows kirana stores – independent…
