Digital lending and card management platform Vegapay has secured $1.1 million in a pre-Seed funding round led by Eximius Ventures, with participation from a number of other investors, including DSP HMK, Capri Global, Upsparks Capital, MGA Ventures, Climber Capital, Arun Venkatachalam (Murugappa Group), and Pratekk Agarwaal (General Partner at GrowthCap Ventures).
The investment will be used by the platform to further expand its technology and make frontline adoption simpler for both institutions and non-institutions. They also want to develop an omnichannel lending system that would enable businesses to offer a variety of products, including co-lending, secured as well as unsecured credit, and more, as reported by Entrepreneur.com.
“The banks and the fintech players take months to launch new financial products like credit cards and lending offerings. However, we can help them reduce the time taken to bring products to the market by 90%. This would enable our partners to launch their products in just one week. Our mission is to assist our partners in achieving the $1.5 trillion AUM by providing customised digital lending solutions at an unprecedented speed,” said Gaurav Mittal, co-founder and CEO of Vegapay.
The platform’s goal is to provide a microservice-driven stack for card and lending issuance that will allow producers to produce lending products that may meet the specific requirements of different consumer cohorts.
“As per an RBI report, 65% of the credit card penetration is present in tier I cities. Comparatively, the penetration in Tier II and III cities has been significantly lower. However, new businesses have started emerging in a rapid manner within tier II and III cities. To service this growing audience, Vegapay has devised an ingenious plan to provide a credit card management stack and lending solutions to BFSI and fintech players to issue customizable products for this cohort,” said Pearl Agarwal, founder and managing director, Eximius Ventures.
Fintech specialists Gaurav Mittal, Himanshu Agrawal, Puneet Sharma, and Abhinav Garg co-founded Vegapay in October 2022. In weeks rather than months, they are enabling hyper-configurable solutions for quicker, scalable, and seamless banking. Integrate a sophisticated rewards layer seamlessly into your products to increase enthusiasm and customer loyalty with tailored incentives. Utilise data-driven insights to give personalized and worthwhile rewards.