Fintech software provider Hypto raises $3 mn from Stellaris, 3one4 Capital

Hypto, a startup that provides fintech infrastructure to app developers, has raised $3 million in seed funding led by Stellaris Venture Partners, with participation from 3one4 Capital and Core 91. The round also saw participation from prominent angel investors including Amrish Rau, CEO of fintech company Pine Labs and Jitendra Gupta, who is the CEO of neo-banking startup Jupiter.

Founded in 2018 by Abhishek Rajagopal, Aravind Sriraman, and Tholkappiyan Velavan, Hypto says its goal is to democratise access to technological infrastructure required to build fintech products. By unbundling the various layers of technology that bridge banks, financial institutions, and their customers into elementary components, Hypto wants to remove bottlenecks that exist in legacy systems used by online financial services.

Abhishek Rajagopal, co-founder, Hypto said, “We are open-sourcing our connections to centralised financial institutions and decentralised networks. By open-sourcing this connectivity layer, we are welcoming a global community of the sharpest people to collaborate and solve the toughest problems in finance.”

Hypto launched its first product in the payments segment in March 2020. The platform has processed over 55 million transactions totalling over $15 billion and currently works with over 10 banks. The company will utilise the raised capital to expand its technology team and build web services to serve and support fresh financial use cases for technology businesses.

Ritesh Banglani, partner at Stellaris Venture Partners, said: “The rapidly-changing banking landscape allows traditional financial institutions to integrate with fintech companies to provide new and innovative financial products. We strongly resonated with Hypto’s vision to build the operating system for fintech - by providing APIs to access all banking products, they allow any business to build financial products customized to their needs.”