Happay said to close $250k investment from Cupola Venture

India-based expense management company Happay has reportedly closed a Rs 1.6 Crore ($250k) in funding.

The investment came from Cupola Venture Opportunities made the investment, around the same time as it closed its Series B December year, according to a report by TechCircle which cites a member privy to the development. The company raised the capital at a $53m-$55m post-money valuation, the same as its Series B, it states.

Founded in 2012, the company is an automated solution for petty cash management, travel and expense management, prepaid cards for business expense, international expense card and others. Happay helps all sized businesses automate their spending efforts.

The company previously raised a $10m Series B led by Sequoia Capital at the end of last year, and a $7.2m Series A round in 2015.

Last week, India-based mobile payments platform MoneyOnMoible picked up a $5m investment from S7 Group to support the business plan.

Last year, India largest FinTech sector for funding was payments and remittances, with a total of $6.1bn being invested over the space. India FinTech sector saw a record level of funding last year, with a total of $6.6bn being deployed in the country.

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