Vegapay Raises $1.1M in Pre-Seed Round to Revolutionize Digital Lending and Card Management

• ByStartupStory     |    August 16, 2023

Vegapay, a digital lending and card management platform, has secured $1.1 million in pre-seed funding in a round led by Eximius Ventures, along with participation from DSP HMK, Capri Global, Upsparks Capital, MGA Ventures, Climber Capital, and angel investors including Arun Venkatachalam (Murugappa Group) and Pratekk Agarwaal (General Partner, GrowthCap Ventures). The funding will be utilized to enhance Vegapay’s technology for seamless adoption by both traditional and non-traditional institutions. The company’s goal is to create an omnichannel lending solution that allows institutions to tailor their offerings, including co-lending, secured credit, and unsecured credit.

Established in October 2022 by Gaurav Mittal, Himanshu Agrawal, Puneet Sharma, and Abhinav Garg, Vegapay is constructing a lending tech stack and card management system to empower regulated entities and fintech firms in India to issue and expand the reach of cards and lending services. The platform aims to significantly reduce the time it takes for banks and fintech players to launch new financial products, with the potential to bring products to market in just one week.

“Banks and fintech players take months to launch new financial products like credit cards and lending offerings. However, we can help them reduce the time taken to bring products to market by 90%. This would enable our partners to launch their products in just one week,” said Gaurav Mittal, Co-founder and CEO of Vegapay. “Our mission is to assist our partners in achieving the $1.5 trillion AUM by providing customized digital lending solutions at an unprecedented speed,” added Mittal.

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