DIF managed by BOV Capital leads Rs. 205 m funding round for Ifinity

Friday, 26 August 2022 00:00 - - {{hitsCtrl.values.hits}}

BOV Capital Principal Kishan Nadarajah (left) exchanges agreement signed with Ifinity Chairman Imal Kalutotage

BOV Capital, through its Digital Innovation Fund (DIF), recently completed a funding round that raised Rs. 205 million for Ifinity Ltd., a financial solutions provider primarily focused on digital transformation within the BFSI sector.

In addition to helping raise funds, BOV Capital will mentor and guide the highly experienced senior team at Ifinity in opening up new global markets, along with access to future follow-on funding opportunities.

BOV Capital Principal Kishan Nadarajah said: “We look forward to nurturing the exceptional promise shown by Ifinity. Already a disruptor at the forefront of taking brick and mortar bank branches digital, Ifinity and its partnership with leading European enterprise software firm Temenos is centre stage in shaping the future of the local FSI industry. We are excited to see where they take us next.”

A first of its kind dedicated technology services provider for the banking and financial service sector, Ifinity embraces a lean-digital agile philosophy to allow financial service institutions to bring in digital transformation at an unprecedented scale. It works towards making banking seamless and invisible, which in turn helps people live richer, more vivid lives.

Ifinity is a subsidiary of nCinga, a Technology Solutions Provider with a unique Lean and Agile Approach to Digital Transformation, which grabbed local headlines last year by spinning off its virtual factory operation to a Singapore-based tech unicorn in a landmark deal for Sri Lanka valued at $ 15.5 million.

“We are pleased to onboard DIF as our strategic partners to strengthen Ifinity’s journey to help banks to become invisible and make banking a seamless lifestyle activity. With the great team and the world class partnerships we have, and the backing from DIF as our investors, we are confident that we can build a global services company to transform the banking and finance industry. Prior to Ifinity, we were also very lucky to have DIF in our previous startup nCinga Innovations which built the world’s best apparel MES platform, nFactory,” said Ifinity Chairman Imal Kalutotage.

Managed by BOV Capital, the Digital Innovation Fund is keen to attract sector-agnostic digital startups that disrupt or transform their industries or even open up new horizons. Funding proposals are encouraged and evaluated and the Digital Innovation Fund will continue to invest in startups and tech companies looking to raise Rs. 50 million to Rs. 200 million. Startups and tech companies can reach BOV Capital via

[email protected].