IppoPay raises $2.1 million from Coinbase Ventures and others

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CHENNAI: Fintech startup IppoPay has raised $2.1 million in seed funding from Silicon Valley’s Coinbase Ventures (the investment arm of Coinbase), solo VC fund Better Capital, Blume Founders Fund and other angel investors.
Chennai-based IppoPay said the new funding round will be used to strengthen its technology stack and power the company’s growth into new regions and market segments like small-to-medium-sized businesses. The company is also launching the BNPL (Buy Now Pay Later) feature to equip offline retailers to offer their customers easy access to credit at the point of sale.
Other investors in the round include founders of M2P Fintech- Madhu R and Prabhu R, Kumar S – CEO of Fego, Archana Priyadarshini – Partner at PointOne Capital, Sailesh Ramanakrishnan – Partner at Rocketship VC, and Kuberan M , a YC investor, and more.
IppoPay already raised around $250,000 in a pre-seed round earlier in September.
Founded in November 2020, IppoPay is a neo-bank that digitizes all financial services, and has brought online payments to over 50,000 offline merchants and daily income earners in the tier 2, tier 3, and rural markets. IppoPay provides its merchants with business bank accounts, debit cards, and an end-to-end payments stack required for their businesses.
“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 [for businesses],” he said.