IppoPay, a Chennai-based fintech start-up, today announced raising of $2.1 million in seed funding from Coinbase Ventures, Better Capital, Blume Founders Fund, and a number of high-profile angel investors.
Founded in November 2020, IppoPay provides payment infrastructure to small businesses enabling them to collect and distribute payments seamlessly. The company claims to have enabled 50,000 offline merchants and daily income earners in smaller towns and rural markets to increase their revenues through the acceptance of online payments.
“Our goal is to help offline merchants increase their sales and profits 10x while reducing friction in the customer experience,” Mohan K, CEO, Ippopay said in a press release.
The company intends to use funding to further strengthen its technology stack, including its payments engine, as well as power the company’s growth into new regions and market segments, such as small-to-medium-sized businesses. It 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.
“I am excited to see Coinbase Ventures and Blume Ventures join us on the IppoPay journey. We invested in this vision very early and have been fortunate to witness the Ippopay team deliver with a deep sense of purpose”, Vaibhav Domkundwar, founder & CEO of Better Capital was quoted in the release.