The Future of Finance in India: Latest Fintech Funding in 2021
Global Tech Outlook features the latest fintech funding in 2021 to drive the future of finance
Being a developing country, India has realized its potential in the fintech industry owing to digital transformation and advancements in cutting-edge technologies like IoT, artificial intelligence, and many more. Finance in India needs a special focus for automation and digitalization of complicated processes into seamless transactions for millions of people in the country and beyond the boundaries. Multiple fintech start-ups are emerging to raise the standard of living by receiving millions of dollars’ worth of fintech funding in India. Let’s explore some of the latest fintech funding in India on different platforms.
Latest fintech funding in India in 2021
Bright Money is known as a Bengaluru-San Francisco start-up focused on the fintech industry in India. It is specialized in providing an artificial intelligence personal finance platform to help consumers manage debts and other financial planning to raise their standard of lives. It has successfully received fintech funding of US$31 million in Series A round from Sequoia Capital, Falcon Edge Capital, and Hummingbird Ventures in September 2021. The fintech startup will utilize this funding to expand team members and product suite in the nearby future.
ePayLater is another fintech start-up well-known as a pay later firm for small businesses in India. It received a fintech funding of US$10 million from investors such as responsibility investments AG, Blue Ashva Capital, Pravega Ventures, and many others. This fintech start-up has plans to utilize this funding to expand its reach across more retailers as well as product suite.
As a fintech start-up from Gurugram and New York, Skeps has raised US$9.5 million in series A investment from Bertelsmann India in August 2021. The fintech start-up will focus on serving clients with the next-gen in POS financial solutions. It will utilize this fintech funding to expand the sales, marketing, engineering, and product teams, merchant and lender client base, as well as services to customers.
IppoPay is a Chennai-based fintech start-up that has raised an undisclosed amount of pre-seed funding from investors such as Better Capital and Prabhu Rangarajan in September 2021. It has plans to scale and reach one lakh merchants to be well-known for being a payment aggregator that lets businesses such as small businesses, freelancers, homepreneurs, and many more to collect and accept payments from customers in semi-urban India.
Paytail has recently raised a fintech funding of US$1.5 million from Cholamandalam and other investors as a part of a seed round in September 2021. It has multiple plans to utilize this funding— improvements in products, expanding a stronger team, transforming customer experience as well as driving 10x-15x growth rate by the next year. It has also plans to build a network of large financial institutions to take care of pre-approved loan offers from existing and potential customers.