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Backspace Tech, a Chennai-based fintech that provides disputes and chargeback management solutions to financial institutions, has raised $450,000 from a clutch of investors. They include Mohan K and Jai Kumar (co-founders of fintech startup Ippopay), Omar Bin Brek, founder of UAE-based fintech Foloosi, M2P Fintech founders and other angel investors.
The company will use the funds to strengthen its technology stack, team expansion and for its Go To Market strategy.
Solving disputes and chargebacks
Founded by Praveen Krishna Dev, Vishwanath Vijayan and Karthick Sivaram V, Backspace Tech offers SaaS products for financial institutions to solve the disputes and chargebacks on UPI & Card Payments. The company said that its solutions will help banks and fintechs to reduce their efforts on customer support and retail branches on handling the disputes.
Praveen Krishna Dev, said, “Globally the banking system is depended on very few products available and the current fundraise will help the company to kick start its vision of building banking as a service (BaaS) including disputes, lending and other core banking products.”
Mohan K, Co-founder and CEO, IppoPay said, “There is a huge gap in UPI & Cards dispute management. Backspace Tech is exactly solving the pain point on Chargebacks & Disputes through technology, which made me excited.”
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