Fintech startup IppoPay has announced an undisclosed investment from Mithun Sacheti, Founder of CaratLane, and Siddhartha Sacheti, CEO of Jaipur Gems. This strategic investment is set to accelerate IppoPay’s mission to build a sustainable fintech platform for MSMEs (Micro, Small, and Medium Enterprises).
The Chennai-based company previously raised $2.1 million in January 2022 from Coinbase Ventures, Better Capital, Blume Ventures, and other investors. The new funding will be allocated towards enhancing its platform to better serve the MSME sector, IppoPay stated in a press release.
Co-founded in 2020 by Mohan Karuppiah and Jai Kumar, IppoPay functions as a payment aggregator for businesses, facilitating seamless payment collection and acceptance from customers and vendors. The platform offers a suite of tools including payment acceptance and processing, generating payment links and gateways, UPI payments, salary disbursements, POS solutions, and a neo banking API stack. Its application is readily available for Android users.
With a significant presence in Tamil Nadu, IppoPay is expanding its operations to other southern Indian states such as Andhra Pradesh, Telangana, Karnataka, and Kerala. The platform is also dedicated to assisting MSMEs in opening current accounts and enabling fund transfers.
IppoPay’s vertical, Fin Meadows, operates Tech Fini, a comprehensive payment infrastructure solution provider. Tech Fini offers a range of products including a UPI switch, card switch, and card management tools. Additionally, IppoPay’s AI-based fraud detection and prevention tool, Tutelar, actively monitors real-time payments to assist clients.
IppoPay’s FRM (Fraud Risk Management) offering has successfully onboarded clients such as JusPay, Lyra, HyperFace, and CAMSPay.