Fintech Startup YPay Raises $400,000 Bridge Round From We Founder Circle Funds will also be utilized for technology development and fuel further growth
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We Founder Circle (WFC), a startup investment platform, in continuation to its mission to fund early-stage startups, announced on Monday to have invested in YPay, an innovative financial solution provider for youth and corporates.
The bridge round worth $400,000 from WFC saw participation from marquee investors including Amit Tyagi, Gaurav Juneja, Ravi Gupta (founder, Safexpay), and a senior chief exeperience officer, Pragatii Bhargava.
YPAY, through its prepaid cards available on its app, makes it convenient for teenagers to make both online and offline payments. YPAY app enables kids to learn money management and earn points along with attractive cashback and discounts from over 300 brands.
"Payments is a thick slice of the entire fintech pie, and has great potential for creativity and convenience. We plan to unleash this potential. YPay card has already facilitated over 50,000 transactions in a short span of time. We are overwhelmed with the response received so far and aim to serve a larger customer base of 600,000 individuals by the end of this fiscal year," claimed Dr. Navneet Gupta, founder and chief executive officer, YPay.
With the additional round of funds, YPay plans to robustly acquire talent as the brand moves towards its next milestone. A part of the fund will also be utilized for technology development and fuel further growth.
"Indian youth and teens, especially in tier-II and tier-III cities, have increased their appetite for digital mode of payments. YPay smart solutions taps this quintessential aspiration of the young Bharat and their need to adopt digital payment solutions. Their product positioning as #BharatkaSmartCard that caught the attention of consumers and investor community led WFC to invest in them repeatedly," affirmed Neeraj Tyagi, co-founder and chief executive officer, We Founder Circle.
Fintech industry in India that is growing at a CAGR of 20 percent is already valued at more than $31 billion. With an ambition to own a large portion of the entire fintech pie, YPay aims to provide a diversified bouquet of products and services to the Indian youth and professionals.
