Vegapay, a B2B fintech startup, has raised $5.5 million in a seed funding round led by Elevation Capital and Eximius Ventures. The funding will enable the fintech company to expand its product offerings and enhance its technological capabilities.
“The idea is to add a few more engineering and tech folks immediately and then keep adding as and when required. We will spend the money on team development, operations, and regulatory requirements that are needed, given we have banking products,” said Gaurav Mittal, CEO, Vegapay, in an interaction with Business Standard.
Earlier Vegapay had raised $1.1 million in 2013 in a pre-seed funding round led by Eximius Ventures. The funding round also saw participation of DS P HMK, Capri Global, Upsparks Capital, MGA Ventures, and Climber Capital.
Offering digital lending and credit card management solutions to banks, NBFCs and fintechs, the company’s platform also automates several solutions, including card management systems, UPI on credit lines, UPI on credit cards, and standalone solutions for credit-based programs such as loan collection systems, etc.
Founded in 2022 by Gaurav Mittal, Himanshu Agrawal, Puneet Sharma, and Abhinav Garg, Vegapay is currently working with over six banks.
