IppoPay, a fintech startup, announced $2.1 million in seed funding on Tuesday from Coinbase Ventures, Better Capital, Blume Founders Fund, and other angel investors.
The startup intends to use the new funds to fortify its technology stack, including its payments engine, and to propel its expansion into new regions and market segments, such as small-to-medium-sized businesses. In addition, IppoPay is launching BNPL, a (technology/platform/feature) that will enable offline retailers to provide their customers with 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,” IppoPay CEO, Mohan K said. “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.”
IppoPay, which was founded in November 2020, has enabled 50,000 offline merchants and daily income earners in India’s Tier 2, Tier 3, and rural markets to increase their revenues through the acceptance of online payments, according to the company.
“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,” Vaibhav Domkundwar of Better Capital, an early backer of fintech innovators like Slice, Rupeek, Open, and others said.
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