IppoPay, a one-stop neo-bank for Bharat offering all banking services under one umbrella, is announcing today that it has raised $2.1 million in Seed funding from Coinbase Ventures, Better Capital, Blume Founders Fund, and a number of high-profile angel investors. Founded in November 2020, the IppoPay has enabled 50,000 offline merchants and daily income earners in the Indian Tier 2, Tier 3, and rural market to increase their revenues through the acceptance of online payments. A pioneer in the Indian neo banking space, IppoPay instantly provides its merchants with Business Bank Accounts, Debit Cards, and an end-to-end payments stack for their businesses.
This new funding 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,” offered IppoPay CEO, Mohan K. “We want to put to an end the tedious and time-intensive tasks of handling finances. IppoPay will work towards servicing and transforming businesses in every region and segment of the Indian economy.”
“I am excited to see Coinbase Ventures and Blume Ventures join us on the IppoPay journey as the company defines the financial digitization 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, an early backer of fintech innovators like Slice, Rupeek, Open, and others.
“Our thesis when it comes to the payments and credit space is that to be successful, companies 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. They have focussed on solving problems for Solopreneurs and SMEs in Tier 2/3/4 India and are providing a full-stack payment solution. We are excited to be part of Mohan K and Jaikumar R's early journey.”