RapiPay, an Indian Fintech, this week announced it has raised $15 million in funding to launch NYE, a new-age digital banking super app. The current funding round is led by Varun Jaipuria (RJ Corp), DLF Family Office, Rahul Gautam (Sheela Foam) and Rohan Kumar (DS Group).
In a statement RapiPay said the investors see great synergy with NYE in getting their entire retail network of six million merchants using it for requirements such as salary and current accounts; payment solutions; retail and business loans; buy now, pay later; investments; insurance and other convenience services.
RapiPay has amassed half a million hybrid direct business outlets (DBOs). They said they are doing one million daily transactions and have served more than 100 million customers, displaying growth of 25 per cent MOM in basic banking services like cash withdrawal and deposit, AEPS, Micro ATMs, point of sale, utility payments, loans and insurance.
The company plans to open two million primary current and salary bank accounts, install one million POS machines, a GTV of $30 billion, 150 million unique customers, 3.5 million daily transactions and have two million hybrid DBOs by 2025.
“Entering B2C market with NYE is a natural business progression and we are confident of repeating our success once again,” Yogendra Kashyap, co-founder and managing director of RapiPay said. “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.”
“The pandemic has seen a huge shift in consumer preferences for phygital banking, even in the remotest areas of the country,” CEO Nipun Jain added. “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.”