IvyCap Ventures pumps Rs 27 crore in fintech startup Fingpay, Technology News, ETtech

Illustration: Rahul Awasthi
Illustration: Rahul Awasthi

Tapits Technologies, which owns and operates fintech startup Fingpay, has closed an estimated Rs 27 crore Series A round of funding from early-stage investment firm IvyCap Ventures, the Mumbai-based company announced on Thursday.

The four-year-old company founded by Pratyush Halen and Anuraag Agrawal, will use the proceeds from the latest round of funding to add various banking and financial products on the platform that can be accessed by its last-mile customers, as well as enter new geographies, according to an official statement released by the company.

Additionally, Fingpay, which had earlier raised seed funding from ICICI Bank in 2018, has also stated its objective of evolving into a digital or neo-bank, although it did not specify an exact timeframe for doing so.

“In the current situation, digital banking has become the need of the hour for all the segments of our society. As we stride towards digital and financial inclusion, we are developing simple, secure and reliable banking and financial products for the last mile,” Halen, chief executive of Fingpay, said.

The Fingpay platform allows users to access basic banking and financial transactions, such as cash withdrawal and deposit, receive account statements, make digital, EMI and other bill payments. The startup claims to have recorded 200 million transactions, worth over Rs 10,000 crore till date.

“There’s a tremendous opportunity to help the under-banked population in rural India with solutions that are simple, vernacular, accessible and tech-driven. While the volume of transactions that Fingpay is executing is huge, this is just a small percentage of the size of the opportunity,” Vikram Gupta, managing partner at IvyCap Ventures, said.

This is also the second investment publicly announced by IvyCap Ventures over the last 30 days. Last month, it was reported to have backed hospitality-focused IoT platform Singularity Automation in a pre-Series A round of funding.

The Mumbai-headquartered early-stage investment firm, which was founded in 2011 by Gupta, is investing out of its $83 million second fund, the final close of which was announced in 2018. It also operates a venture debt fund – IvyCap Credit Opportunities Fund-I – as well as an angel fund and IvyCamp, a startup incubation platform.

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