“Brex for Bharat” startup IppoPay has raised an undisclosed amount of Pre-seed funding from an early-stage investor, Better Capital, along with Prabhu Rangarajan, co-founder of M2P, and Sailesh Ramakrishnan, Partner at Rocketship VC. Ippo is focused on helping millions of underserved and unbanked merchants in Tier 2 to Tier 4 India with dead easy digital payments, payouts, and banking solutions.
Ippo will use this funding to continue to scale its growth to reach 100K merchants and expand the suite of offerings for its merchants.
Ippo has grown at a fast clip in the last 9 months since launch, recording 1750 crores in transactions via its platform for over 5000 merchants across 1 crore transactions. 1500 crores have been processed in payments and 250 crores in payouts by merchants using Ippo. Ippo has built partnerships with 4 banks including Yes Bank, Axis Bank, ICICI Bank, and Paytm Bank.
“Bharat merchants account for 30% of India’s GDP involving 460 million people, so catering to the needs of these merchants and bringing them the power of digital banking is significant as it has a direct impact on the Indian economy. Our goal is to put an end to every tedious and time taking task of a Bharat merchant handling his/her finances and make them run faster and better with modern financial technology that is easy to use and delivered in their language”, said Mohan K, Founder & CEO of Ippo.
With its payments, payouts, and banking solutions for Bharat merchants, Ippo is building a Brex-like solution for millions of merchants who can now accept digital payments in multiple ways, make payouts digitally to employees & vendors, and view account statements, and more. With a simple digital ledger feature, POS app, and UPI support, merchants can accept payments at their stores with great ease. Ippo supports multiple languages and will offer customer support to Bharat merchants in their local languages as well.
“Ippo’s offering is a perfect fit for Bharat merchants and is designed to scale to support a wide range of use cases that merchants face in Tier 2 to Tier 4 India. We are excited to partner with Mohan and Jaikumar as they build Ippo from the ground up & bring financial digitization to millions of underserved merchants”, said Vaibhav Domkundwar of Better Capital, an early backer of fintech innovators like Rupeek, Open, Jupiter, Slice, and many others.
Ippo’s entire platform of payments, payouts, and banking workflows is designed as an API stack to support new use cases easily as well as to embed them within other applications.