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RapiPay forays into digital banking and raises $15 million

  • To construct india the largest digital banking and financial ecosystem and grow existing payment businesses
  • To launch a first of its kind Super App for digital banking and financial services

NEW DELHI, February 15, 2022 /PRNewswire/ — Consolidating its leading position in the Fintech industry, RapiPay raised $15 million in financing to launch NYE, a super new era digital banking application. Believing in RapiPay’s growth story, the current funding round is led by Varun Jaipuria (RJ Corp), DLF Family Office, Rahul Gautam (Sheela foam) and Rohan Kumar (DS Group). Investors see great synergy with NYE (digital banking super app) to have their entire retail network of 6 million merchants using the super app for all their requirements such as salaries and current accounts , payment solutions, personal and business loans, Buy Now Pay Later , investments, insurance or other convenience services.

RapiPay is the only digital banking player in the country with a ready phygital infrastructure of half a million direct hybrid points of sale (DBO). The company performs 1 million daily transactions and has served over 100 million customers, recording robust growth of 25% MOM in core banking services such as cash withdrawal and deposit, AEPS, micro- vending machines, point of sale, utility payments, loans and insurance.

The company now aims to open 2 million primary current and salary bank accounts, install 1 million POS terminals, a GTV of USD $30 billion150 million unique customers, 3.5 million daily transactions and have an infra-phygital infrastructure of 2 million hybrid DBOs by 2025. The hybrid DBOs will provide banking services to customers 24/7 at the door across segments and geographies of the country.

Commenting on the latest fundraiser, Sir Yogendra Kashyapco-founder and managing director, RapiPay said, “Our growth story in the B2B segment is unmatched. We have become market leaders in assisted payments in just 3 years. Entering the B2C market with NYE is a natural business progression and we are confident to repeat our success once again. be used to build a robust digital financial ecosystem in the country for consumers and businesses. At RapiPay, our philosophy has been to first research, understand the requirements, and then build technology with viable business models. We don’t simply believe in burning capital to acquire consumers.”

Sir. Nipun JainCEO, RapiPay “The pandemic has seen a huge shift in consumer preferences for phygital banking, even in the most remote parts of the country. Through NYE, we aim to leverage technology to create simple, convenient and innovative solutions to provide banking and financial services seamlessly and securely. NYE is the first super banking app of its kind to manage multiple bank accounts, transactions and all kinds of financial requirements through a single sign-on and view of all transaction summaries.

Logo: https://mma.prnewswire.com/media/1747072/NYE_Logo.jpg

SOURCE Fintech RapiPay