The startup looks to use the fresh capital to further strengthen its technology stack, including its payments engine, and power its growth into new regions and market segments, such as small-to-medium-sized businesses. Further, IppoPay is also launching BNPL, a (technology/platform/feature) that will equip offline retailers to offer their customers 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.”
Founded in November 2020, IppoPay has enabled 50,000 offline merchants and daily income earners in the Indian Tier 2, Tier 3, and rural market to increase their revenues through the acceptance of online payments, the company said.
“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.
Sarita Raichura of Blume Founders Fund said that when it comes to the payments and credit space, companies must have a keen interest in solutions that are concentrated on specific areas in order to be successful.
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“They (IppoPay) have focussed on solving problems for Solopreneurs and SMEs in Tier 2/3/4 India and are providing a full-stack payment solution,” Raichura said.