RapiPay has announced it has raised $15 million in funding to launch NYE, a new age digital banking super App. 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 a 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 and current accounts, payment solutions, retail & business loans, Buy Now Pay Later, investments, insurance or other convenience services, Rapipay said in a press statement.
The company now targets to open 2 million primary current and salary bank accounts, install 1 million POS machines, a GTV of $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 doorstep across segments and geographies in the country
Yogendra Kashyap, Co-Founder and MD, RapiPay said “The fresh capital will be used for building a robust digital financial ecosystem in the country for both consumers and businesses.“
Nipun Jain, CEO, RapiPay “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.”
