Mumbai-based Tapits Technologies Pvt. Ltd, which operates last-mile banking services platform Fingpay, said it has raised Rs 26.7 crore ($3.5 million at current exchange rate) from IvyCap Ventures as part of its Series A funding round.
The development comes around a month after VCCircle reported that IvyCap had invested Rs 8.5 crore (around $1.15 million) in Bengaluru-based Singularity Automation Pvt. Ltd, which provides an Internet-of-Things platform to budget hotels and shared accommodation firms.
Fingpay, which was set up in 2016 by Pratyush Halen, says it offers a biometric-based mobile payments solution that focuses on underserved segments of India’s population.
Some of its services include digital mandates for recurring payments, a Unified Payments Interface (UPI)-based platform, an Aadhaar-based payments solution and mobile point-of-sale services.
Fingpay will use the Series A capital it has raised to add several other banking and financial products to its suite, with the aim to become a fully-fledged digital bank.
It will also use the capital to expand into new segments and accelerate its product development.
Fingpay has also got money in the past.
In February 2018, ICICI Bank invested in the platform picking up almost 10% stake for Rs 99 lakh.
At the time, the lender said its objective behind the investment was to promote digital and Aadhaar-enabled payments.
Fingpay was also among the startups selected for Fintech Valley Vizag’s accelerator programme, as reported by VCCircle in October 2017.
Fintech Valley Vizag is a fintech-focused ecosystem supported by the Andhra Pradesh government. ICICI Bank also happened to be one of the partners for the programme.
IvyCap, which was founded in 2011 by Vikram Gupta, says it focuses on an entrepreneur-centric investment approach, with an emphasis on sectors such as consumer, healthcare, enterprise technology, financial technology and emerging technology.
In November last year, IvyCap led a Series A funding round in healthcare platform BeYouPlus.
In September, the venture capital firm backed Pharmarack, a healthcare-technology platform that lets businesses automate sales and operations.
Companies in IvyCap’s portfolio include Biryani By Kilo, Clovia, Vinculum, GrabOnRent, and BlueStone.