[Funding alert] Fintech startup Zenpay Solutions raises angel round led by TheStartupLab, AngelBay

Fintech startup Zenpay Solutions on Wednesday said it raised an undisclosed round of funding led by AngelBay and TheStartupLab with participation from angel investors.

Angel investors, including Pavitra Walvekar and Naresh Vigh (Kudos Finance), Ashish Mittal (Founder of Smart Kitchen), Nitin Agarwal (Founder of B21), Anant Aggarwal (MD of Viney Equity Market), and Raghav Singhal (Director Om Logistics Ltd.), also participated in this round.

The startup had earlier raised funds from friends and family in May 2020.

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Founded in 2018, fintech startup Zenpay offers banking solutions for small and medium enterprises (SMEs) employing blue-collar workers.

According to the startup, it has processed over Rs 600 crore in transaction volume, supporting over 150,000 blue-collar workers in the process. Zenpay aims to have over one million customers by 2022.

Zenpay will use the fresh capital to expand its technology and sales team and build its services to serve and support the customer and corporate base.

The startup helps blue-collar employees working with SMEs and MSMEs to receive digital payments through the salary account. It offers customers a salary card, a digital salary account, and a mobile application, which helps them manage their finance with the help of the interactive dashboard.

Speaking on the funding round, Ankit Bhargava, Founder and CEO, Zenpay Solutions, said,

“Zenpay Solutions is driving the development of a much richer, broader financial technology ecosystem that goes well beyond banking to include rural and blue-collared workforce. Our products will create the much-needed affordability for blue-collar workers and allow us to build digital banking solutions for individuals who may not have had access otherwise.”