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Fintech startup raises $15 million by launching an app to strike into digital banking.

Fintech startup RapiPay has raised $15 Mn in funding to launch, a new-age digital banking super app NYE. The round was led by Varun Jaipuria of RJ Corp, DLF Family Office, Rahul Gautam of Sheela Foam, and Rohan Kumar of DS Group.

RapiPay’s cofounder and MD Yogendra Kashyap announced the latest fund round and said, “We became the market leader in assisted payments in just 3 years. Entering the B2C market with NYE may be a natural business progression… The fresh capital are going to be used for building a strong digital financial ecosystem within the country for both consumers and businesses. Our philosophy has been to first research, understand the wants and make  technology with viable business models.”

Based in Noida, Uttar Pradesh, India Founded in 2019 by Sumit Kumar Narvar, Yogendra Kashyap RapiPay provides agent-based payment solutions for businesses. It also offers services like mobile recharge, DTH recharge, money transfer, bill payments, cash withdrawal, AEPS, among other facilities. Rapipay operates the most important network of Direct Business  Outlets and it offers retail financial services to its consumers

NYE super app to be launched soon will help RapiPay leverage technology to create ease, and convenience to provide banking and financial services in a seamless manner, said Nipun Jain, CEO, RapiPay. “NYE is that the first of its kind banking super app to manage multiple bank accounts, transactions, and every one sorts of financial requirements through one login and one view of all transactions summary,” he added.

The hybrid DBOs will provide 24X7 banking services to customers at the doorstep across segments and geographies within the country. RapiPay does about 10 lakh daily transactions and has served over 10 crore customers. It is now targeting to open 20 lakh primary current and salary bank accounts, install 10 lakh POS machines, a GTV of $ 30 billion, 15 crore unique customers, 35 lakh daily transactions and have a phygital infra of 20 lakh hybrid direct business outlets by 2025.

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Written by Ravi Tilekar


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