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Fintech Startup POP Secures $2.4 Million in Seed Funding, Earns NPCI Approval for UPI Payments

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Preeti Bali / 1:56 pm / June 20, 2024

Fintech startup POP has secured a significant financial boost with a $2.4 million seed funding round. Led by prominent venture capital firm India Quotient, the round also attracted investments from a select group of prominent angel investors. This funding injection will fuel POP’s ambitious growth plans within the Indian fintech landscape.

Enabling UPI Payments Through POPclub App

In a major development coinciding with the funding news, POP has received official approval from the National Payments Corporation of India (NPCI) as a Third-Party Application Provider (TPAP). This authorization allows POP to seamlessly integrate Unified Payments Interface (UPI) payments within its POPclub app. This positions POP alongside established players like Google Pay, PhonePe, WhatsApp, CRED, and Paytm in offering UPI payment functionality. To build its robust UPI infrastructure, POP has established strategic partnerships with financial institutions like Yes Bank and Juspay.

Earning Rewards with POPcoins

The newly acquired funding will expedite the implementation of various initiatives, including the much-anticipated POP UPI service. This service offers users the opportunity to earn POPcoins with every UPI transaction completed through the POPclub app. Launched in May 2023 by Bhargav Errangi, POP envisions creating a dynamic network of e-commerce users, particularly targeting Gen Z and late millennials.

Building a Thriving D2C Ecosystem with POPcoins

POPcoins serve as the cornerstone of the POPclub app’s reward system. Users can accumulate POPcoins through UPI transactions and utilize them to purchase a wide variety of products from leading direct-to-consumer (D2C) brands within the app. POP has already established a network exceeding 200 brands, encompassing popular names like mCaffeine, HUL-owned Simple Skin Care, Adil Qadri, Anveshan, Two Brothers Organic Farms, and Epigamia. This diverse selection caters to various consumer needs, including beauty, personal care, electronics, fashion, and home goods.

With this strategic funding and the crucial NPCI approval, POP is poised to make significant strides in the Indian fintech market. The company’s innovative approach, coupled with its user-centric reward system, positions it to become a leading platform for Gen Z and late millennial e-commerce users.

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