RapiPay raises $15 million to launch a super app for digital banking
- ByStartupStory | February 18, 2022
RapiPay, a fintech company, announced on Tuesday that it has secured $15 million in a pre-Series A fundraising round to expand into e-banking including its super app, NYE. This round included Varun Jaipuria (RJ Corp), DLF Family Office, Rahul Gautam (Sheela Foam), and Rohan Kumar (DS Group).
RapiPay, which was founded in 2019, is one of a slew of impact companies, including Dvara KGFS, Spice Money, FIA Global, PayNearby, WeRize, and others, that provide agent-based, assisted payment solutions to help rural Indians gain access to financial services.
RapiPay, which mainly offers financial services to rural businesses such as cash withdrawals and deposits, micro ATMs, point-of-sale devices, loans, insurance, and utility payments, is expanding its smart app NYE to include a business-to-consumer (B2C) layer.
By 2025, it intends to create two million bank accounts, bringing the total number of users to 150 million, and to increase daily transactions from one million to 3.5 million.
RapiPay plans to increase its present ‘phygital’ footprint by growing the number of door-step banking agents from 5 lakh to 20 lakh by 2025, in addition to its digital banking activity.
The business wants to install one million point-of-sale terminals to support offline-to-online payments, in addition to aided payment services via agents.
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