RapiPay forays into Digital Banking; raises USD 15 million

Fintech player RapiPay has raised $15 million in funding to launch NYE, a new-age digital banking super App. RapiPay said today that the current funding round is led by Varun Jaipuria (RJ Corp), DLF Family Office, Rahul Gautam (Sheela Foam) and Rohan Kumar (DS Group).

The investors see great synergy with NYE (digital banking Super App) in getting their entire retail network of 6 million merchants using the super App for all their requirements like salary & current accounts, payment solutions, retail & business loans, Buy Now Pay Later, investments, insurance or other convenience services.

RapiPay is the only Digital Banking player in the country to have a ready phygital infrastructure of half a million hybrid Direct Business Outlets (DBOs). The company is doing 1 million daily transactions and has served more than 100 million customers, witnessing robust growth of 25 per cent MOM in basic banking services like Cash withdrawal and deposit, AEPS, Micro ATMs, POS, Utility payments, Loans and Insurance.

Mr Yogendra Kashyap, Co-founder & MD, RapiPay, said, "Our growth story in the B2B segment is unmatched. We became market leaders in assisted payments in just 3 years. Entering the B2C market with NYE is a natural business progression and we are confident of repeating our success once again. 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."

Mr. Nipun Jain, CEO, RapiPay, said, "The pandemic has seen a huge shift in consumer preferences for phygital banking, even in the remotest areas of the country. Through NYE, we aim to leverage technology to create ease, convenience, and innovative solutions to provide banking and financial services in a seamless and secure manner. 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."

The company now targets to open 2 million primary current and salary bank accounts, install 1 million POS machines, a GTV of USD $30 bn, 150 million unique customers, 3.5 million daily transactions and have a phygital infra of 2 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.