Fintech startup RapiPay has raised $15 mn in funding to launch NYE, a new-age digital banking super app. The current funding round is led by Varun Jaipuria of RJ Corp, DLF Family Office, Rahul Gautam of Sheela Foam and Rohan Kumar of DS Group.
Fintech startup RapiPay will use the fresh capital to build digital banking and financial ecosystem and scale up existing payment services, Co-founder and MD Yogendra Kashyap 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,” RapiPay said.
Founded in 2019, RapiPay is driven by a vision to grow and lead Neo Banking services in the country with Lakhs of RapiPay Direct Business Outlets (DBOs) PAN India provide services like AEPS (Aadhaar Enabled Payment System), Micro ATM, Domestic Money Transfer, CMS etc to more than 2 crore customers every month.
“Our growth story in the B2B segment is unmatched. We became market leaders in assisted payments in just three years. Entering the B2C market with NYE is a natural business progression, and we are confident of repeating our success once again.” Yogendra Kashyap, Co-founder and MD, RapiPay, said.
Yogendra 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 added.
“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,” Nipun Jain, CEO, RapiPay, said.