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[FUNDING NEWS] India-Based Vegapay Secures $5.5 Million in Seed Funding

Gurgaon-based finance firm Vegapay got $5.5M in initial funding. Elevation Capital led the financing with Eximius Ventures.

The funds will be used to hire developers, designers, and engineers to improve its product suite and regulatory compliance. In 2022, Gaurav Mittal, Himanshu Agrawal, Puneet Sharma, and Abhinav Garg founded Vegapay, a lending tech stack and card management platform that allows banks, NBFCs, and fintechs build flexible card and credit products quickly.

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They enable card issuers to develop and manage highly configurable credit, debit, prepaid, FX, and credit-on-UPI systems. Vegapay also offers Loan Origination Systems, Co-lended Loan Management Systems, and Loan Collection Systems to assist clients execute financial services quickly, scaled, and innovatively.

The money would improve it’s product range, focusing on product development and regulatory compliance, the business said. It said that top developers, designers, and engineers will be hired with a large percentage of the funding to stimulate innovation.

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With this funding, Vegapay hopes to help banks, NBFCs, and other financial institutions create and manage product innovations with hyper-configurable, adaptable, and customisable credit solutions.

“Financial institutions’ demand for modern credit platforms is accelerating at an unprecedented scale, driven by customers seeking best-in-class experiences and products, numerous embedded credit partnerships, and new form factors like credit on UPI and compliance requirements,” said Vaas Bhaskar, Principal, Elevation Capital.

About Vegapay

Vegapay, an Indian Fintech Startup, helps banks, NBFCs, and other institutions launch hyper-flexible card and credit programmes faster and cheaper.

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