India’s Happay closes $10m Series B round

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fintech insurtech wealthtech regtech ai cybertech esg news

Bangalore-based Happay, an expense management platform for enterprises, has reportedly raised $10m in a Series B funding round.

The round was led by existing investor Sequoia Capital, with Axiom Capital and AME Cloud Ventures also participating according to the Economic Times, which cited a filing to the ministry. Happay previously raised $7.2m in Series A round of funding in 2015, with capital coming from Sequoia and Prime Venture Partners.

Spokespeople for the company and the venture capital firms did not respond to a request for comment.

Founded in 2012, Happay provides automated solutions for petty cash management, travel and expense management, prepaid cards for business expense, international expense card and more. It caters to businesses of all size helping them automate their spending.

Sequoia Capital recently participated in a Series A round for Digital tax reporting solution OnlinePajak. The Indonesia-based company offers one application for businesses to simplify the entire tax reporting process, enabling calculating, depositing and reporting.

Earlier this month, the venture capital firm also led an undisclosed Series B round in investment research platform Smartkarma. While in July, Sequioa reportedly led a $12.3m funding round for lending app MoneyTap.

Between 2014 and Q3 2017 the top 10 investors in India participated in a total of 90 deals, 25% of the total number of deals to FinTech companies in this period according to data by FinTech Global.

The most active investor, Sequoia Capital participated in 6.2% of FinTech investments in India between 2014 and Q3 2017. In August Sequoia Capital participated in a $45m Series C investment to Capital Float, a SME Finance company, alongside four others including the second most active investor SAIF Partners.

Copyright © 2017 FinTech Global

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