BackFintech firm RapiPay forays into digital banking, raises $15 million
The current funding round is led by Varun Jaipuria (RJ Corp), DLF Family Office, Rahul Gautam (Sheela Foam) and Rohan Kumar (DS Group), the firm said
PremiumMUMBAI : Fintech company RapiPay on Tuesday said it has raised $15 million in funding to launch NYE, a new-age digital banking super app.
The current funding round is led by Varun Jaipuria (RJ Corp), DLF Family Office, Rahul Gautam (Sheela Foam) and Rohan Kumar (DS Group), it said.
“The investors see a great synergy with NYE in getting their entire retail network of six million merchants using the super app for all their requirements like salary and current accounts, payment solutions, retail and business loans, buy now pay later, investments, insurance or other convenience services," it said.
Yogendra Kashyap, co-founder and managing director, RapiPay said, “Our growth story in the B2B segment is unmatched. We became market leaders in assisted payments in just three years. Entering B2C market with NYE is a natural business progression and we are confident of repeating our success once again."
Kashyap said that the fresh capital will be used for building a robust digital financial ecosystem in the country for both consumers and businesses.
“At RapiPay, our philosophy has been to first research, understand the requirements and then create technology with viable business models. We don’t believe in just burning capital to acquire consumers," he said.
According to Nipun Jain, chief executive of RapiPay, the pandemic has seen a huge shift in consumer preferences for phygital banking, even in the remotest areas of the country.
“Through NYE, we aim to leverage technology to create ease, convenience, and innovative solutions to provide banking and financial services in a seamless and secure manner. NYE is the first of its kind banking super app to manage multiple bank accounts, transactions and all kinds of financial requirements through a single login and one view of all transactions summary," said Jain.
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