Innoviti Payment Solutions Pvt. Ltd, which runs an eponymous payments-focused financial technology firm, become the top fintech startup that has received in-principle approval from the Reserve Bank of India (RBI) for a payment aggregator licence, at least two persons aware of the development told VCCircle.
An Innoviti spokesperson was not immediately available for comment.
Typically, payment aggregators are entities that facilitate e-commerce sites and merchants to accept various payment instruments from the customers for completion of their payment obligations without the need for merchants to create a separate payment integration system of their own.
Innoviti, which is also in the middle of a fundraise, is one of those over 185 fintech enterprises and startups which had submitted their proposals for a payment aggregator licence.
RBI had issued a payment aggregator framework in March this year through which the payment gateways were mandated to have a licence for acquiring merchants and provide them with digital payments acceptance solutions.
Innoviti raised an additional $22 million last month as part of its Series D funding round from Alumni Ventures. Launched in 2002, Innoviti provides technology-led payment solutions and point-of-sale terminals for businesses, offline merchants, and small retailers, by partnering with banks and digital payment providers.
It also equips retailers with billing and customer relationship management (CRM) software solutions to help merchants and retailers, across offline segments drive sales, cut operational costs and target relevant customers better.
Early this year, the company introduced “G.e.n.i.e,” dubbed to be India’s first smart marketing app, to help mainline mobile retailers get more walk-ins, more conversions and more profits.