[Funding alert] RapiPay raises $15M; forays into digital banking

Fintech startup RapiPay on Tuesday said it raised $15 million to launch NYE, a new-age digital banking super app. The funding round was led by Varun Jaipuria (RJ Corp), DLF Family Office, Rahul Gautam (Sheela Foam), and Rohan Kumar (DS Group). 

According to RapiPay, the investors see great synergy with NYE in getting their entire retail network of six million merchants using the super app for all their requirements, including salary and current accounts, payment solutions, retail and business loans, Buy Now Pay Later, investments, insurance, or other convenience services.

Yogendra Kashyap, Co-founder and MD, RapiPay, said, “Our growth story in the B2B segment is unmatched. We became market leaders in assisted payments in just three years. Entering the B2C market with NYE is a natural business progression, and we are confident of repeating our success once again."

He added, "The fresh capital will be used for building a robust digital financial ecosystem in the country for both consumers and businesses. At RapiPay, our philosophy has been to first research, understand the requirements, and then create technology with viable business models. We don’t believe in just burning capital to acquire consumers.“

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“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,” added Nipun Jain, CEO, RapiPay.

RapiPay claims to be the only digital banking player in India to have a ready phygital infrastructure of half a million hybrid Direct Business Outlets (DBOs). The startup is doing one million daily transactions and has served more than 100 million customers, witnessing robust growth of 25 percent monthly in basic banking services like cash withdrawal and deposit, AEPS, micro ATMs, POS, utility payments, loans, and insurance.

At present, RapiPay aims to open two million primary current and salary bank accounts, install one million POS machines, a GTV of $30 billion, 150 million unique customers, 3.5 million daily transactions, and have a phygital infra of two million hybrid DBOs by 2025.

The hybrid DBOs will provide banking services to customers 24/7 at the doorstep across segments and geographies in the country.