Innoviti gets RBI nod for payment aggregator licence

Innoviti Payment Solutions has received ‘in-principle approval’ from the Reserve Bank of India (RBI) to operate as a payment aggregator, multiple sources told ET.

Earlier this month, three other payment service providers – Razorpay, Stripe and Pine Labs – were among the first to receive RBI’s nod for their payment aggregator licence, ET reported on July 8.

Fintech startup 1Pay Mobileware, which operates at the intersection of logistics and payments, had also received approval from the central bank to operate as a payment aggregator.


RBI is expected to release the full list of firms that were granted approvals shortly.

At least 185 fintech firms — including big names like Cred, Razorpay, and PhonePe — had submitted proposals seeking the licence, ET had reported previously.

Innoviti did not respond to ET’s queries until press time Monday.

Founded in 2002, Innoviti provides technology-led payment solutions and point-of-sale terminals for businesses, and offline merchants. It also helps equip these retailers with billing and Customer Relationship Management software as well as provides payment gateway services to online merchants.

The payment aggregator framework, introduced formally in March 2020, mandates that only firms approved by the RBI can acquire and offer payment services to merchants.

Over the past several months, RBI has been holding presentations with payment gateway providers and other fintech firms that have applied for the licence. However, it has been strict in its evaluation of these applications, sources told ET.

ET reported on April 23, that some online gateways and payment fintech firms seeking the licence had come under intense scrutiny for issues related to know-your-customer (KYC) guidelines and past dealings with cryptocurrency exchanges as well as with gaming apps.

According to sources, the banking regulator also decided to reject the payment aggregator licence of Zaakpay, the payment gateway business of MobiKwik.

If an application is rejected, merchants have about three months to stop using a payment gateway’s service.

Innoviti recently raised an additional $25 million led by Singapore’s Panthera Growth Partners. New investors including Alumni Ventures, Patni Family Office, and existing investors FMO and Bessemer Venture Partners also participated in the funding round.