Visa processing startup Atlys raises $20 Mn led by Peak XV and Elevation

Visa processing platform Atlys has raised $20 million in its Series B funding round, co-led by Peak XV Partners and Elevation Capital. The round saw participation from existing investors, alongside new investors such as DST Global and Headline.

The fresh capital will fuel Atlys’ expansion plans as well as enhance product and engineering capabilities, enter new markets, and scale operations globally, the company said in a press release.

In May, Entrackr exclusively reported about the upcoming funding at Atlys. Previously, it raised $12 million in a Series A round in September 2023 and  $4.25 million in seed funding in October 2021.

The three-year-old startup aims to make visa-related processes easier. Its tech, the company claims, can reduce visa rejection rates, and streamline processing times to as quick as 55 seconds. The platform covers more than 150 destinations and with an average time of just over 4-10 minutes spent to apply for a visa.

Atlys has expanded its footprints in key global markets, including the US, UAE, and the UK. It has also bolstered its leadership across product, engineering, and marketing departments.

As per sources, Atlys facilitates around 30,000 visa applications per month and India contributes more than 60% (20,000) visa applications.

While Atlys did not disclose its revenue and other metrics, it claims to have grown 20x over the past year.

Atlys’ competitor Visa2Fly raised $414K in its pre-seed round in July 2022 whereas StampThePassport raised $500K in September last year.

As per a report by UNWTO, India saw 30 million travellers venturing abroad in 2023, marking a 20% year-on-year increase. The report added that a significant portion of this growth came from tier II and tier III cities, which contributed to 43% of the country's outbound travel.