Fintech firm RapiPay forays into digital banking, raises $15 million


Fintech startup RapiPay on Tuesday said it raised $15 million to launch NYE, a new-age digital banking super app. The funding round was led by Varun Jaipuria (RJ Corp), DLF Family Office, Rahul Gautam (Sheela Foam), and Rohan Kumar (DS Group). 

According to RapiPay, the investors see great synergy with NYE in getting their entire retail network of six million merchants using the super app for all their requirements, including salary and current accounts, payment solutions, retail and business loans, Buy Now Pay Later, investments, insurance, or other convenience services.

Yogendra Kashyap, Co-founder and MD, RapiPay, 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."

He added, "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.“

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