Mumbai-based fintech firm Fiat Payments Private Limited (FiatPe) is targeting transaction volumes of more than ₹3,500 crore in FY27 and plans to expand its merchant base to over 70,000 businesses as it strengthens its presence in India’s offline digital payments market.

Founded by Anshuman Dadheech, the company is building integrated payment and commerce solutions for small and medium businesses at a time when demand for seamless and reliable in-store payment systems is growing rapidly across India.

The fintech firm, which recently partnered with Mumbai Indians as the official payments partner, currently serves more than 50,000 businesses across sectors including multiple business categories like retail, healthcare and utilities, and closed FY26 with transaction volumes worth around ₹2,750 crore.

In an interview with Fortune India, Dadheech said, “The company is targeting a total merchant base of over 70,000 by FY27, an ambition that combines both new acquisitions and the continued engagement of existing partners.”

Market expansion to fuel growth

He said this growth will be driven by a focused expansion into tier-2 and tier-3 markets, alongside a strong emphasis on delivering best-in-class after-sales service and enabling sustained business growth for its merchant ecosystem.

“Our goal is to make digital payments more accessible, interoperable and sustainable for every business,” Dadheech added.

He explained that the expansion strategy will largely focus on deeper penetration into Tier-2 and Tier-3 cities, where digital payment adoption has accelerated rapidly in recent years but merchant infrastructure often remains inconsistent. FiatPe also plans to strengthen merchant retention through enhanced after-sales support and localised service networks.

At the centre of the company’s latest push is the FiatPe Next 3-in-1 POS device, a single terminal that combines card payments, UPI acceptance and soundbox functionality. The company believes consolidating multiple payment devices into one platform can simplify checkout experiences for merchants while lowering operational complexity and maintenance costs.

Building cloud-based ecosystem

However, FiatPe’s larger ambition extends beyond payment acceptance devices. The company is building a cloud-based ecosystem that integrates transactions, billing and financial reconciliation into a single framework. The idea is to address one of the most persistent pain points for merchants: fragmented systems that often create reconciliation delays, accounting mismatches and payment failures.

“When payments, accounting and reconciliation are connected, it reduces friction, errors and ultimately costs,” Dadheech said.

India’s digital payments market has grown exponentially over the past few years, led by the rapid rise of Unified Payments Interface (UPI) transactions and increasing card penetration. Yet the merchant experience, especially outside large organised retail chains, continues to remain fragmented. Small businesses often operate multiple devices for QR payments, cards and transaction alerts, while backend reporting and reconciliation processes remain largely disconnected.

FiatPe sees this gap as a significant opportunity, particularly among India’s nearly 79 million MSMEs. Unlike several large payment players focused on scaling high-volume merchants, the company is positioning itself as an infrastructure-focused partner for smaller businesses seeking operational reliability rather than just payment acceptance.

The company’s growth strategy currently rests on four pillars - product innovation, customer experience, partnerships and market expansion. Collaborations with banks and fintech companies are expected to strengthen distribution capabilities, while localised merchant engagement programmes and round-the-clock customer support are aimed at building trust in regions where digital literacy is still evolving alongside adoption.

In a move aimed at increasing brand visibility and demonstrating its infrastructure capabilities in high-volume environments, FiatPe was recently named the official payment solutions partner for Mumbai Indians. The partnership enables digital payment acceptance across stadium commerce touchpoints, including food counters, merchandise outlets and fan engagement zones during match days.

Through the partnership, FiatPe deploy integrated QR, POS and card-based payment systems designed to handle heavy transaction loads without disruption across the stadium

Dadheech believes such high-frequency environments highlight the importance of dependable payment systems. “In environments like live matches, payments are not a feature; they are a system that everything else depends on,” he said. “What matters during peak demand is consistency and predictability.”