ICICI Bank-backed fintech start-up Fingpay has raised INR270m ($3.5m) in a Series A funding round from IvyCap Ventures.

India-based fintech firm, which is run by Tapits Technologies, offers last-mile banking services to the under-served segment in the hinterlands.

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The company will use the money to bring additional banking and financial products onto its platform and fund its expansion.

Fingpay founder and CEO Pratyush Halen said: “In the current situation, digital banking has become the need of the hour for all the segments of our society.

“As we strive towards Digital and Financial Inclusion, we are developing simple, secure, and reliable banking and financial products for the last mile.”

Fingpay’s digital banking solution offers cash withdrawal, deposit, EMI payments, bill payments and other services to over 100 million underserved people.

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Founded in 2016 by Pratyush Halen and Anuraag Agrawal, Fingpay has already carried out more than 200 million transactions valued at nearly INR100bn ($1.31bn).

Fingpay CTO Anuraag Agrawal said: “We have created an intuitive and simple platform for the rural population to engage with various banking and financial institutions.

“Our next goal is to set up a Digital (Neo) Bank for the customers to become more involved in the banking stream.”