Fintech company RapiPay said it has raised $15 million in funding to launch NYE, a new-age digital banking super app. The current funding round is led by Varun Jaipuria (RJ Corp), DLF Family Office, Rahul Gautam (Sheela Foam) and Rohan Kumar (DS Group), it said.
“The investors see a great synergy with NYE in getting their entire retail network of six million merchants using the super app for all their requirements like salary and current accounts, payment solutions, retail and business loans, buy now pay later, investments, insurance or other convenience services,” it said.
Founded in 2019 by SK Narvar and Yogendra Kashyap, RapiPay is a customer-centric company providing assisted payment services to the underbanked areas of the country. It provides banking services like cash withdrawal and deposit, AEPS, micro ATMs, POS, utility payments, loans and insurance, among others.
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The company claimed it is doing one million daily transactions and has served more than 100 million customers. It aims to open two million primary current and salary bank accounts and install one million point-of-sale (POS) machines.
According to Nipun Jain, chief executive of RapiPay, the pandemic has seen a huge shift in consumer preferences for phygital banking, even in the remotest areas of the country. Phygital is the concept of using technology to bridge the digital with the physical world to provide a unique interactive experience for users.
“Through NYE, we aim to leverage technology to create ease, convenience, and innovative solutions to provide banking and financial services in a seamless and secure manner. NYE is the first of its kind banking super app to manage multiple bank accounts, transactions and all kinds of financial requirements through a single login and one view of all transactions summary,” said Jain.
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