RapiPay forays into Digital Banking, raises USD 15 million

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RapiPay forays into Digital Banking, raises USD 15 million

New Delhi, 15 Feb 2022: Consolidating its position as a leader in the Fintech industry RapiPay has raised
$15 million in funding to launch NYE, a new-age digital banking super App. Believing in RapiPay’s growth
story, the current funding round is led by Varun Jaipuria (RJ Corp), DLF Family Office, Rahul Gautam
(Sheela Foam) and Rohan Kumar (DS Group).

The investors see great synergy with NYE (digital banking
Super App) in getting their entire retail network of 6 million merchants using the super App for all their
requirements like salary & current accounts, payment solutions, retail & business loans, Buy Now Pay
Later, investments, insurance, or other convenience services.
RapiPay is the only Digital Banking player in the country to have a ready physical infrastructure of half a
million hybrid Direct Business Outlets (DBOs).

The company is doing 1 million daily transactions and has
served more than 100 million customers, witnessing robust growth of 25% MOM in basic banking
services like Cash withdrawal and deposit, AEPS, Micro ATMs, POS, Utility payments, Loans and
Insurance.
The company now targets to open 2 million primary current and salary bank accounts, install 1 million
POS machines, a GTV of USD $30 bn, 150 million unique customers, 3.5 million daily transactions and
have a phygital infra of 2 million hybrid DBOs by 2025.

The hybrid DBOs will provide banking services to
customers 24/7 at the doorstep across segments and geographies in the country
Commenting on the latest round of fundraising, Mr. Yogendra Kashyap, Co-founder & MD, RapiPay said
“Our growth story in the B2B segment is unmatched. We became market leaders in assisted payments in
just 3 years. Entering B2C market with NYE is a natural business progression and we are confident of
repeating our success once again. The fresh capital will be used for building a robust digital financial
ecosystem in the country for both consumers and businesses.  At RapiPay, our philosophy has been to
first research, understand the requirements, and then create technology with viable business models.
We don’t believe in just burning capital to acquire consumers. “

Mr. Nipun Jain, CEO, RapiPay “The pandemic has seen a huge shift in consumer preferences for phygital
banking, even in the remotest areas of the country. Through NYE, we aim to leverage technology to
create ease, convenience,

and innovative solutions to provide banking and financial services in a
seamless and secure manner. NYE is the first of its kind banking super App to manage multiple bank
accounts, transactions, and all kinds of financial requirements through a single login and one view of all
transactions.

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