YPay raises $400,000 in bridge round led by We Founder Circle1 min read . Updated: 16 Aug 2021, 03:31 PM IST
- The round also saw participation from marquee investors, including Amit Tyagi, Gaurav Juneja, and Safexpay founder Ravi Gupta
MUMBAI : YPay, an innovative financial solution provider for youth and corporates, on Monday announced that it has raised $400,000 in bridge round led by We Founder Circle (WFC). The round also saw participation from marquee investors, including Amit Tyagi, Gaurav Juneja, Ravi Gupta (founder, Safexpay), and Pragatii Bhargava (senior CXO).
YPAY, through its prepaid cards available on its app, makes it convenient for teenagers to make both online and offline payments. The app enables kids to learn money management and earn points along with attractive cashback and discounts from more than 300 brands.
Fintech industry in India is growing at a compound annual growth rate of 20%, valued at more than $31 billion. With an ambition to own a large portion of the entire fintech pie, YPAY aims to provide a diversified bouquet of products and services to the Indian youth and professionals.
“Payments are a thick slice of the entire fintech pie, and have great potential for creativity and convenience. We plan to unleash this potential. YPay card has already facilitated more than 50,000 transactions in a short span of time. We are overwhelmed with the response received so far and aim to serve a larger customer base of 600,000 individuals by the end of this fiscal year," said Navneet Gupta, founder and chief executive officer, YPay.
With the additional round of funds, YPAY plans to robustly acquire talent as the brand moves towards its next milestone. A part of the fund will also be utilized for technology development and to fuel further growth.
Neeraj Tyagi, co-founder and CEO, We Founder Circle affirmed, “Indian youth and teens, especially in tier-II and tier-III cities, have increased their appetite for digital mode of payments. YPAY smart solutions tap this quintessential aspiration of the young Bharat and their need to adopt digital payment solutions. Their product positioning as BharatkaSmartCard that caught the attention of consumers and investor community led WFC to invest in them repeatedly."
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