Fintech startup IppoPay raises $2.1 Mn in seed round

IppoPay, a neo-bank for offering all banking services under one umbrella, has raised $2.1 million in seed round from Coinbase Ventures, Better Capital, Blume Founders Fund, and a number of high-profile angel investors.

This new funding round will be used to further strengthen IppoPay’s technology stack, including its payments engine, as well as power the company’s growth into new regions and market segments.

Founded in November 2020, IppoPay provides its merchants with business bank accounts, debit cards, and an end-to-end payments stack for their businesses. It helps businesses, freelancers, homepreneurs, and people who do business in tier II and III cities, and rural areas.

The startup claims that it has enabled 50,000 offline merchants and daily income earners in the Indian tier II, tier III, and rural market to increase their revenues through the acceptance of online payments.

The Chennai-based firm is also launching BNPL, a feature that will equip offline retailers to offer their customers easy access to credit at the point of sale.