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Vegapay raises $5.5 million in seed round led by Elevation Capital

Fintech

Fintech startup Vegapay secured $5.5 million in seed funding led by Elevation Capital with additional participation from Eximius Ventures. This latest round of investment comes after the company raised $1.1 million in pre-funding led by Eximius in 2023.

The newly raised funds will be used to enhance the Vegapay product suite with a focus on product development and regulatory compliance updates. The company also plans to allocate a significant portion of the funds to hire top developers, designers and engineers to support innovation.

Vegapay aims to help banks, non-banking financial companies (NBFCs) and other financial institutions to launch and manage product innovation with hyper-configurable, flexible and customizable credit solutions.

“Empowering financial institutions with cutting-edge technology is not just a vision; it’s a revolution. At Vegapay, we’re not just changing the game; we are rewriting the rules to ensure that innovation in financial technology is not a luxury for the few, but accessible to all,” said Gaurav Mittal, CEO of Vegapay.

Founded in 2022 by Gaurav Mittal, Himanshu Agrawal, Puneet Sharma and Abhinav Garg, Vegapay is building a lending technology suite and card management system that enables regulated entities and fintech firms to issue and increase card and loan penetration in India.

The company offers a flexible pay-as-you-go approach that reduces financial barriers. According to the company, flexibility, scalability and speed are the key differentiators that set Vegapay apart in the rapidly evolving banking landscape.

«Demand by financial institutions for modern credit platforms is accelerating at an unprecedented scale, driven by customers seeking best-in-class experiences and products, numerous built-in credit partnerships and new formal factors such as credit on UPI and compliance requirements,» he said Vaas Bhaskar. , Principal at Elevation Capital. «These modern systems will form the basis of all innovations by banks and credit providers. We see great potential in Vegapay solutions to fill this gap. The team’s distinct understanding of the needs of financial institutions further strengthens our excitement to partner with Vegapay on this journey.”

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