Fintech player RapiPay has raised $15 million in funding to launch a new-age digital banking super app - NYE. The current funding round is led by Varun Jaipuria of RJ Corp, DLF Family Office, Rahul Gautam of Sheela Foam and Rohan Kumar of DS Group, Rapipay said on Tuesday.
“The fresh capital will be used for building a robust digital financial ecosystem in the country for both consumers and businesses,” said Yogendra Kashyap, Co-founder and MD, RapiPay.
“The investors see a great synergy with NYE in getting their entire retail network of 60 lakh merchants using the super app for all their requirements like salary and current accounts, payment solutions, retail and business loans, Buy Now Pay Later, investments, insurance or other convenience services,” it said. Nipun Jain, CEO, RapiPay said the company plans to use NYE to leverage technology 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,” he said. RapiPay does about 10 lakh daily transactions and has served over 10 crore customers. It is now targeting to open 20 lakh primary current and salary bank accounts, install 10 lakh POS machines, a GTV of $ 30 billion, 15 crore unique customers, 35 lakh daily transactions and have a phygital infra of 20 lakh hybrid direct business outlets by 2025.