RapiPay Fintech Pvt Ltd, which runs fintech platform RapiPay, on Tuesday said it has raised $15 million (around Rs 113 crore) in a round led by Varun Jaipuria (Managing Director at RJ Corp), DLF Family Office, Rahul Gautam (Founder of Sheela Foam) and Rohan Kumar (General Manager at DS Group).
The company plans to use the fresh funds to roll out a new-age digital banking super app ‘NYE’.
"Entering business-to-consumer (B2C) market with NYE is a natural business progression and we are confident of repeating our success once again. The fresh capital will be used for building a robust digital financial ecosystem in the country for both consumers and businesses," said Yogendra Kashyap, Co-Founder and MD of RapiPay.
"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," Kashyap added.
Founded in 2019 by SK Narvar and Kashyap, RapiPay is a customer-centric company providing assisted payment services to the underbanked areas of the country. It provides banking services like cash withdrawal and deposit, AEPS, micro ATMs, POS, utility payments, loans and insurance, among others.
The company claimed it is doing one million daily transactions and has served more than 100 million customers. It aims to open two million primary current and salary bank accounts and install one million point-of-sale (POS) machines.