FinTech Firm RapiPay Raises $15M for Digital Banking Super App NYE

FinTech company RapiPay has raised $15 million in investment funding toward digital banking super app NYE, according to a Tuesday (Feb. 15) Mint report.

Varun Jaipuria (RJ Corp), DLF Family Office, Rahul Gautam (Sheela Foam) and Rohan Kumar (DS Group) led RapiPay’s fundraising efforts, the report said.

“The investors see a great synergy with NYE in getting their entire retail network of six million 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,” said RapiPay in a statement announcing the funding effort.

RapiPay will use the fresh capital to build “a robust digital financial ecosystem” for both consumers and businesses across India, the report said.

“Our growth story in the B2B segment is unmatched. We became market leaders in assisted payments in just three years,” Yogendra Kashyap, co-founder and managing director of RapiPay, said in the report. “Entering B2C market with NYE is a natural business progression and we are confident of repeating our success once again.

“Our philosophy has been to first research, understand the requirements and then create technology with viable business models. We don’t believe in just burning capital to acquire consumers,” he said.

Nipun Jain, chief executive of RapiPay, said the COVID-19 pandemic has made consumers more open to using digital banking platforms, especially those that are hybrid financial institutions with physical locations and digital capabilities, even in remote areas across the country.

“Through NYE, we aim to leverage technology to create ease, convenience, and innovative solutions to provide banking and financial services in a seamless and secure manner,” said Jain. “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.”

Related: Most Consumers Expect Digital Banking to Be Personal Banking

Meanwhile, consumers expect more than half of their banking business — 61% — will be digital-only by 2024.