Vegapay Secures $5.5 Million in Seed Funding to Empower Financial Institutions

Preeti Bali / 7:31 am / May 31, 2024

Vegapay, a rising fintech startup specializing in digital lending and card management solutions, has successfully secured $5.5 million in its seed funding round. This round was led by Elevation Capital, with participation from existing investor Eximius Ventures. This new funding round comes after Vegapay’s pre-seed round of $1.1 million, also led by Eximius Ventures, in August of last year.

Fueling Innovation for Financial Institutions

The proceeds from this funding round will be strategically directed towards Vegapay’s core mission: empowering banks, NBFCs (Non-Banking Financial Companies), and other financial institutions to launch and manage innovative financial products with greater ease. Vegapay’s solutions are designed to be highly configurable, flexible, and customizable, allowing financial institutions to tailor credit solutions to their specific needs.

Building the Future of Lending Technology

Founded in 2022 by Gaurav Mittal, Himanshu Agrawal, Puneet Sharma, and Abhinav Garg, Vegapay is actively building a comprehensive lending technology stack and card management system. This innovative platform caters to both regulated entities and fintech companies, aiming to increase card and loan accessibility across India.

Empowering Institutions with Customization

Vegapay’s suite of products offers financial institutions the ability to design and provide customizable financial products that cater directly to their customer base. This approach allows institutions to elevate their offerings by tailoring solutions to meet specific customer needs.

Envisioning an Omni-Channel Lending Future

Vegapay’s long-term vision involves creating an omni-channel lending solution. This comprehensive platform will empower financial institutions to personalize the types of products they offer, including co-lending, secured credit, unsecured credit, and a variety of other options. By providing this level of flexibility, Vegapay aims to revolutionize the way financial institutions approach lending in India.


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