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IppoPay raises $2.1 mn in seed funding from Coinbase Ventures, others

Set up in November 2020, IppoPay has enabled 50,000 offline merchants and daily income earners in Indian Tier-2, Tier-3, and rural markets to boost their revenues through acceptance of payments online

Online payments | funding | Startup

BS Reporter  |  Mumbai 

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IppoPay, a neo-bank for Bharat offering all banking services under one umbrella, announced a fund raise of $2.1 million in seed from Coinbase Ventures, Better Capital, Blume Founders Fund, and a number of angel investors.

Founded in November 2020, the IppoPay platform has enabled 50,000 offline merchants and daily income earners in Indian Tier-2, Tier-3, and rural markets to increase their revenues through the acceptance of payments online. IppoPay instantly provides its merchants with business bank accounts, debit cards, and an end-to-end payments stack, said the company in a statement.

This new round will be used to further strengthen IppoPay’s technology stack, including its payments engine, as well as power the company’s growth into new regions and market segments, such as small-to-medium-sized businesses. The company is also launching BNPL, a (technology/platform/feature) that will equip offline retailers to offer their customers easy access to credit at the point of sale.

“Our goal is to help offline merchants increase their sales and profits 10x while reducing friction in the customer experience,” said IppoPay CEO, Mohan K.

“I am excited to see Coinbase Ventures and Blume Ventures join us on the IppoPay journey as the company defines the financial digitisation roadmap for millions of small businesses in Tier-2 to Tier-4 India with a suite of products for payment, payouts, BNPL, and more. We invested in this vision very early and have been fortunate to witness the Ippopay team deliver with a deep sense of purpose,” said Vaibhav Domkundwar of Better Capital.

“Our thesis when it comes to the payments and credit space is that to be successful, must have a keen interest in solutions that are concentrated on specific areas,” said Sarita Raichura, Blume Founders Fund. “We met Mohan and Jaikumar multiple times and loved the hustle--in a short period, they managed to achieve tremendous progress--from partnerships with banks to gaining traction in hinterland India."

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First Published: Tue, January 11 2022. 16:15 IST