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Digital payments firm ItzCash has posted profits in FY 2016-17. The company added that it has registered a 40 per cent jump in revenues at Rs 250 crore across all its business verticals.
The company, which is currently witnessing 6.5 lakh transactions a day, recorded payments volume of 14,000 crore last financial year in terms of only debit transactions, it said in a statement here today.
Naveen Surya – MD, ItzCash, said, "We pioneered digital payments for India and turning the first leaf of profitability comes in as a huge acknowledgement of the efforts the team has put in. We have aggressively expanded our footprint across sectors catering to a wide class of customers with our ever diversifying product portfolio while digitizing the cash of India.”
Bhavik Vasa - Chief Growth Officer, ItzCash, said: "We were amongst the first to break-even in the industry back in 2010, but then we only had prepaid card and wallet products. ItzCash, since then has expanded into new businesses verticals such as remittances, financial services and corporate products ensuring a diversified revenue stream. We will also be looking at multiple partnerships which will include investments, joint ventures especially in blockchain technology, and acquisitions and investments in areas such as credit and insurance to accelerate our growth momentum going forward.”
The company recently invested in fintech startup Finly.io, which works in the corporate expense management space. ItzCash has also entered the financial services space, providing working capital loans through NBFCs to merchants where the company is setting up point-of-sale (POS) machines. The company deployed more than 30,000 PoS terminals in the past three months and aims to reach one lakh soon.
The company has also partnered with Prabhu Money, a remittance company in Nepal, to offer Indo-Nepal remittance services for Nepali diaspora settled in India, on a real-time basis.
ItzCash has over 75,000 ItzCash franchisees branded as “ItzCash World” in 3000+ Tier I and II cities and towns and is acknowledged as the ‘Phygital Cash’ of India, the statement added.
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