Fintech Startup Backspace Tech Raises $450,000

The fund raised will be utilized to strengthen the technology stack, team expansion and for go-to-market

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Backspace Tech, Chennai-based fintech startup, has raised $450,000 in pre-Seed funding round from strategic investors such as Mohan K and Jai Kumar (Founders of IppoPay), Omar Bin Brek (founder of UAE-based fintech Foloosi) along with M2P founders and other angel investors. The fund raised will be utilized to strengthen the technology stack, team expansion and for go-to-market.

Company handout

"Erase history, create innovation. This is how Backspace Tech started. In order to make anything a reality, you have to dream about it first. At the same time dreaming alone will not take you heights, you need people around, carrying similar thoughts, goals and vision. A co-founder relationship is more fragile than a life partner, make sure to handle it with care. We are not just founders, not just friends, a chosen family for three decades," said Praveen Krishna Dev, co-founder, Backspace Tech.

Backspace Tech will be solving the challenges of issuer banks as well as acquirer banks in the entire process of disputes and chargebacks by bringing technology and automation through SaaS, which no one has provided before, globally. Some of the leading banks have been connected and in terms to adopt UPI disputes on priority and along with cards dispute on the future releases. Fintech like IppoPay have showed interest as it can solve the ODR regulation from NPCI, claimed by the company in a statement.

"Being in the fintech industry, particularly in payments for longtime, I know very well there is a huge gap in UPI and cards dispute management. Backspace Tech is exactly solving the pain point on chargebacks and disputes through technology, which made me excited and to travel with Backspace Tech's startup journey," said Mohan K, co-founder, IppoPay.

Founded by Praveen Krishna Dev, Vishwanath Vijayan and Karthick Sivaram V, Backspace Tech is a fintech startup building SaaS products for financial institutions to solve the disputes and chargebacks on UPI and card payments. Their roadmap is to become banking as a service provider in the global market and redefine the banking backend system.