RapiPay has raised $15 million in funding to launch NYE, a new age digital banking super app, the fintech said in a statement.
The funding round was led by Varun Jaipuri (RJ Corp), DLF Family Office, Rahul Gautam (Sheela Foam) and Rohan Kumar (DS Group). The fintech said the investors see a great synergy with NYE in getting their retail network of 6 million merchants using the super app for all their requirements like salary and current accounts, payment solutions, retail and business loans.
The fintech in a statement said it is the only digital banking player in the country to have a ready physical infrastructure of half a million hybrid direct business outlets (DBOs). It said in a statement that they are are doing one million daily transactions and has served more than 100 million customers, witnessing a robust growth of 25% MOM in basic banking services like Cash withdrawal and deposit, AEPS, Micro ATMs, POS, Utility payments, Loans and Insurance.
It will now target to open two million primary current and salary bank accounts, install one million point-of-sale machines, a GTV of $30 billion, 150 million unique customers and 3.5 million daily transactions by 2025, it said in a statement.
Yogendra Kashyap, Co-founder & MD, RapiPay said, “Our growth story in the B2B segment is unmatched. We became market leaders in assisted payments in just 3 years. Entering B2C market with NYE is a natural business progression and we are confident of repeating our success once again. The fresh capital will be used for building a robust digital financial ecosystem in the country for both consumers and businesses. 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. “
Nipun Jain, CEO, RapiPay said, “The pandemic has seen a huge shift in consumer preferences for phygital banking, even in the remotest areas of the country. 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. NYE is the first of its kind banking super App to manage multiple bank accounts, transactions and all kinds of financial requirements through a single login and one view of all transactions summary”