RapiPay Raises $15 Million, Forays Into Digital Banking
The fresh capital will be used to build a robust digital financial ecosystem for all stakeholders
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RapiPay on Tuesday announced to have raised $15 million in funding to launch a digital banking app, NYE. The current funding round is led by Varun Jaipuria (RJ Corp), DLF Family Office, Rahul Gautam (Sheela Foam) and Rohan Kumar (DS Group).
"Entering the 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," said Yogendra Kashyap, co-founder and managing director, RapiPay.
Fintech has been one of India's fastest-growing sectors. India's overall fintech market opportunity is estimated to be around $1.3 trillion by 2025, growing at a compounded annual growth rate of 31 per cent during 2021-25, according to the 'State of Indian Fintech Q1 2022' report by Inc42.
"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 seamlessly and securely," said Nipun Jain, CEO, RapiPay.
The company is doing approximately one million daily transactions and has served more than 100 million customers, witnessing robust growth of 25 per cent month-on-month in basic banking services such as cash withdrawal and deposit, AEPS, micro ATMs, POS, utility payments, loans and insurance. The company targets to open 2 million primary current and salary bank accounts, install 1 million POS machines, a GTV of $30 billion, 150 million unique customers, 3.5 million daily transactions and have a phygital infrastructure of 2 million hybrid DBOs by 2025. The hybrid DBOs will provide banking services to customers 24/7 at the doorstep across segments and geographies in the country.