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Itz Cash Card, a payments solution provider, is hopeful of recording full-year profit this fiscal, Managing Director Naveen Surya has said. If this were to happen, it will be the first time — since the company started its journey in 2006-07 — that Itz Cash will report profit (at the bottomline level) for the entire financial year.
The company, which processed about $2 billion payment volumes last fiscal, had achieved breakeven in 2015-16.
From being a pure play payments solutions provider, Itz Cash is now looking to expand its scope of activities to include “delivery of credit” and distribution of insurance products, among others.
“We want to drive financial services convergence for all our customers. We had done it for payments. Now we want to extend it for financial services,” Surya told BusinessLine .
Over time, Itz Cash wants to transform into an integrated financial solutions provider, Surya said.
To achieve this goal, Itz Cash plans tie-ups/ alliances with life insurance industry players and non-banking finance companies.
“Our effort is to bring more financial services to our customers through partnerships,” Surya said. For instance, Itz Cash — which is following a multichannel model — will soon start delivering credit to its 60,000-odd SME clients who manage their offline touch points (shops).
It is in talks with an NBFC for this purpose.
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