Acquiring Bank Relationships which provide widespread and filtered reach to our prospects are the key elements of our strategy in building NeoGrowth. In addition to our existing partnerships with IDBI Bank, Yes Bank, Global Payments and IndusInd Bank, now we have “ICICI Merchant Services (IMS)“, India’s largest merchant acquirer on our side. This development is an important milestone in scaling up our business pace.
IMS represents an alliance formed in 2009 between India’s largest private sector bank, ICICI Bank and First Data a global leader in electronic commerce and payment services. First Data is a majority stakeholder with 81% stake in the alliance, whereas ICICI Bank holds the remaining 19%. The venture brings together global expertise along with forming India’s largest merchant portfolio of 2,50,000 merchants, representing approximately 30% of the current Indian acquiring market. Over time, ICICI Merchant Services expects to deliver an enhanced suite of card acquiring services to new and existing merchants.
Utilising services of this new relationship we at NeoGrowth have disbursed our First Smart Merchant Advance on Wednesday, 18th September 2013 to Hotel Peninsula Grand, which is a part of The Gautam Hospitality Group. This is also one of the largest amounts that we have advanced so far.
Kudos to the efforts led by Shweta Guru, AVP – Product and Strategy on this remarkable achievement. Right from the inception she has owned Bank Partner Relationship with great responsibility. Her work and enthusiasm in this area in Mumbai and now in Delhi has played a key role in bringing us to a point where we can now leverage these relationships in a seamless manner for smooth growth. Additionally she continues to spearhead her other area of work related to Product and Strategy. As a first employee of the company, she has contributed actively in setting up the business cutting across various functions. We look forward to partnering with IMS and leveraging their widespread network.