Indian fintech firm RapiPay has raised a funding of $15m to launch a digital banking super app, called NYE.
The round was joined by Varun Jaipuria of RJ Corp, DLF Family Office, Rahul Gautam of Sheela Foam and Rohan Kumar (DS Group).
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RapiPay will use the proceeds to build a digital financial ecosystem in the country for both consumers and businesses.
Founded in 2019, RapiPay counts Spice Money, FIA Global, WeRize and others as its peers who offer financial solutions through a network of agents.
With the launch of NYE, RapiPay is entering the business to the consumer (B2C) market and currently offers services like cash deposits/ withdrawal, POS devices, micro ATMs, loans, insurance and utility payments for merchants in rural India.
RapiPay co-founder & MD Yogendra Kashyap said: “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.
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By GlobalData“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.”
For NYE, RapiPay plans to leverage its network of six million merchants to offer them services such as salary & current accounts, payment solutions, retail & business loans, BNPL, investments, insurance and other services.
RapiPay CEO Nipun Jain said: “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.”
RapiPay’s ‘phygital’ infrastructure is also expected to benefit from the digital banking move.
Additionally, it plans to open two million primary current and salary bank accounts, install one million POS machines, and increase the number of direct business outlets to two million by 2025.
