BENGALURU, October 18, 2017 /PRNewswire/ --
Move designed to expand Innoviti's payment solutions footprint to APAC markets.
- Rajesh Prasad joins Innoviti as Chief Business Officer - APAC Business for their Payments processing and SME Lending platform solutions.
- A payment professional with over 25 years of industry experience, Prasad till recently was the Head - RuPay acceptance and e-commerce at NPCI. At NPCI, he was instrumental in the development of the RuPay Card Scheme and enablement of RuPay acceptance points across the country. Prior to that, he has worked with ICICI Bank in various product management and technology roles for over a decade.
- Currently, Innoviti's uniPAY Next payments platform processes over US$ 3 billion of annual transaction volume across over 50,000+ POS terminals across India. Innoviti's volume/terminal is 2x of national average, indicative of the superior acceptance of the platform.
- Through the use of predictive algorithms for improving reliability in payment transactions, the company has today increased transaction reliability to upwards of 96%, where the industry average stands at 82%.
- Prasad's appointment reaffirms Innoviti's commitment to building a world-class payments company by leveraging its innovative technological platform to scale up its market presence beyond India.
- In July 2015, Innoviti had raised US$ 18 million in a Series B funding round led by the Singapore-based SBI FMO Emerging Asia Financial Sector Fund (the 'SBI-FMO Fund' jointly setup by SBI Holdings Group of Japan and FMO of Netherlands), Bessemer Venture Partners and existing investor Catamaran.
Innoviti today announced its foray into the APAC markets with the joining of Mr. Rajesh Prasad, ex-Head of RuPay as Chief Business Officer - APAC business. The new appointment is a key step in Innoviti's strategy to expand the market footprint of its innovative payments automation and SME lending platform solutions beyond the domestic Indian market.
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Innoviti had raised a Series B funding of USD 18 million in July 2015 towards market expansion and product development. The APAC expansion is a part of that plan.
Innoviti's strategy for expansion in APAC will be focused on two key themes, a) distribution of credit to SMEs and consumers in APAC countries where retail credit penetration is low and b) use of technology to improve reliability of payment transactions in countries where the communication and payment infrastructure is under developed.
An experienced payment professional with deep understanding of banking and technology, Rajesh Prasad handled key portfolios at NPCI, including the development and implementation of RuPay Card Scheme, RuPay eCommerce solution and enablement of RuPay acceptance across Point of Sale (PoS) terminals across the country. He has also been closely associated with international strategic alliances at NPCI including Discover/Diners, Japan Credit Bureau (JCB) and Union Pay International (UPI). Prior to this, Prasad worked with ICICI Bank for over a decade in multiple product management and technology roles including responsibility for Card and Switching systems and managing payment system applications.
Quotes:
"We are excited to have an experienced payments technologist like Rajesh on-board to spearhead our APAC market strategy. His deep experience in using technology to create sustainable differentiators that drive higher margins will be an asset as Innoviti looks to strengthen its leadership position in the payment solutions space," said Mr. Rajeev Agrawal, CEO, Innoviti.
"I'm thrilled to bring my experience of leading technology-driven financial product development in the Banking sector to Innoviti. Joining Innoviti, an evolved start-up in the financial technologies space, at a time when the company is growing exponentially is exciting. I look forward to working with Innoviti's highly experienced team to drive our common goals," said Mr. Rajesh Prasad.
About Innoviti Payment Solutions Pvt. Ltd., Bangalore, India:
Innoviti Payment Solutions Pvt. Ltd. (formerly Innoviti Embedded Solutions Pvt. Ltd.) has been a pioneer in the use of technology to solve real-world payment acceptance problems of merchants. Using its indigenous payments platform Innoviti has delivered differentiated solutions for payments automation, consumer credit distribution and SME lending that have become a benchmark in their markets. Innoviti processes over Rs. 20,000 Cr. of payment transactions annually including Rs. 1000 Cr. of credit. It is India's only payments company that can process transactions through any channel - be it web, mobile, in-store or at the time of delivery. The company has won the Deloitte Asia Pacific award three years in a row and Red Herring Asia award twice.
For more information, visit: http://www.innoviti.com
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