IppoPay, a one-stop neo-bank for Bharat offering all banking services under one umbrella, reported it has brought $2.1 million up in Seed funding from Coinbase Ventures, Better Capital, Blume Founders Fund, and various high-profile private investors. Established in November 2020, the IppoPay stage has empowered 50,000 offline dealers and every day income earners in Indian Tier-2, Tier-3, and rustic business sectors to build their incomes through the acknowledgment of payments online. IppoPay in a flash gives its merchants with business bank accounts, debit cards, and an end-to-end payments stack, said the company in an assertion.
“Our goal is to help offline merchants increase their sales and profits 10x while reducing friction in the customer experience,” said IppoPay CEO, Mohan K.
This new funding round will be used to further strengthen IppoPay’s technology stack, including its payments engine, as well as power the company’s growth into new regions and market segments, such as small-to-medium-sized businesses. The company is also launching BNPL, a (technology/platform/feature) that will equip offline retailers to offer their customers easy access to credit at the point of sale.
“I am excited to see Coinbase Ventures and Blume Ventures join us on the IppoPay journey as the company defines the financial digitisation roadmap for millions of small businesses in Tier-2 to Tier-4 India with a suite of products for payment, payouts, BNPL, and more. We invested in this vision very early and have been fortunate to witness the Ippopay team deliver with a deep sense of purpose,” said Vaibhav Domkundwar of Better Capital.
“Our thesis when it comes to the payments and credit space is that to be successful, companies must have a keen interest in solutions that are concentrated on specific areas,” said Sarita Raichura, Blume Founders Fund. “We met Mohan and Jaikumar multiple times and loved the hustle–in a short period, they managed to achieve tremendous progress–from partnerships with banks to gaining traction in hinterland India.”
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