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Innoviti secured Series C fund raise with FMO and Bessemer

Innoviti Payment Solutions, a Bangalore based financial technology firm, has now secured Series C funding round backed by the Netherland entrepreneurial development bank FMO and the San-Francisco based venture capital firm Bessemer Venture Partners.

The company, as of now, declined to disclose the amount secured.

FMO is new, while Bessemer is a returning investor. Innoviti will now be going to use the new funs for technology and product development across the new market segments.

It aims to become cash positive by March 2021, said the announcement.

“The usefulness of vanilla terminals and QR stickers is limited as businesses demand more from payment solution providers, more intelligence, more reliability, and more savings… The current funding is a huge endorsement of our strategy and we look forward to achieving our goal of becoming self-sustainable with this funding,” Innoviti CEO Rajeev Agrawal said.

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