Thursday Sep 04, 2025
Thursday Sep 04, 2025
Thursday, 4 September 2025 05:17 - - {{hitsCtrl.values.hits}}
The Digital Innovation Fund (DIF), managed by BOV Capital and powered by Dialog Axiata PLC, has successfully exited its investment in IFINITY, a pioneering Sri Lankan fintech company dedicated to revolutionising banking through cutting-edge digital solutions. This exit signifies a critical milestone for both the fund and Sri Lanka’s evolving fintech ecosystem, demonstrating the country’s capability to nurture high-impact, scalable technology ventures.
IFINITY, a subsidiary of NCINGA, was founded with the vision of making banking an invisible and seamless lifestyle activity. The company enables financial institutions to transition from outdated legacy systems to cloud-native, open banking-compliant platforms. Through strategic partnerships with global fintech leaders such as TEMENOS, IFINITY has supported banks in enhancing customer engagement, automation, security, and embedding sustainability alongside ESG principles into core operations.
IFINITY Founder and Chairman Imal Kalutotage reflected on the successful journey, stating, “The support from DIF was instrumental in accelerating IFINITY’s growth and innovation. Their belief in our vision enabled us to expand our footprint globally and redefine the banking experience while keeping mission critical banking applications up 24x7. We are proud to have reached this milestone with their partnership.”
Dialog Axiata PLC Group Chief Executive Supun Weerasinghe added, “Since its inception, DIF has been dedicated to identifying and empowering visionary founders who drive regional and global transformation. Our successful exit from IFINITY validates our investment strategy and confirms the strength of Sri Lanka’s emerging tech startup ecosystem. We are committed to continuing our role in fostering innovative ventures that deliver real impact.”
This exit also builds on the precedent set by BOV Capital with the successful exit of nCinga Innovations in 2019, which paved the way for the creation and growth of IFINITY. It positions Imal Kalutotage at the forefront of fintech innovation in Sri Lanka, marking a second successful exit led by the same visionary founder,” said Prajeeth Balasubramaniam.
A common concern among Sri Lankan investors has been the perceived difficulty of achieving successful exits within the start-up ecosystem. While challenges remain, recent government policy reforms and ecosystem developments are fostering a more supportive environment. BOV Capital welcomes these reforms, including the introduction of fund-of-funds structures and pass-through tax regimes, which, alongside successful exits such as this year’s, are expected to encourage greater investor participation in this asset class.
The exit from IFINITY by DIF underscores the maturation of the country’s digital innovation ecosystem and reinforces BOV Capital’s role as a key driver in scaling technology-enabled start-ups. It also signals growing investor confidence — a vital factor for the continued transformation of critical sectors such as financial services through digital innovation.
