Fintech startup YPay on Monday said it raised a bridge round of $400,000 led by We Founder Circle (WFC).
The bridge round also saw participation from marquee investors, including Amit Tyagi, Gaurav Juneja, Ravi Gupta (Founder, Safexpay), and a senior CXO, Pragatii Bhargava.
With the additional funding round, YPay plans to acquire talent as the brand moves towards its next milestone. A part of the fund will be used for technology development and fuel further growth.
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 300+ brands.
YPay core team.
“Payments is a thick slice of the entire fintech pie and has great potential of creativity and convenience. We plan to unleash this potential. YPay card has already facilitated over 35,000 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 100,000 individuals by the end of this fiscal year,” said Navneet Gupta, Founder and CEO, YPay.
The startup said the fintech industry in India, growing at a CAGR of 20 percent, is already valued at more than $31 billion.
Speaking on the development, Neeraj Tyagi, Co-founder and CEO, We Founder Circles, said, “Indian youth and teens, especially in Tier-II and III cities, have increased their appetite for the digital mode of payments. YPAY smart solutions tap this quintessential aspiration of the young Bharat and their need to adopt digital payment solutions. Their product positioning as #BharatkaSmartCard caught the attention of consumers and investor community-led WFC to invest in them repeatedly.”