Juspay has collected $21.6m in its Series B round, which was led by Bermuda-based venture capital firm Vostok Emerging Finance.
Vostok, which now holds a minority stake in the FinTech and board representation, deployed $13m to the Series B.
Other contributions to the round came from Wellington Management and previous Juspay backer Juspay.
The capital from the round will be used to bolster R&D efforts, increase its presence in India and pursue global expansion.
India-based Juspay builds electronic payment infrastructure which is backed by two-factor authentication. Merchants can implement the technology to integrate mobile payments for their online stores. Juspay is built on APIs to support easy integration with existing infrastructure.
Juspay founder and CEO Vimal Kumar said, “The next 10 years will see an exponential growth in digital transactions as software is eating the world, radically changing our everyday lives. The fin-tech infrastructure needs an overhaul and India is leading the way here with next-gen protocols like UPI, mandatory 2FA and measures to drastically reduce the cost of a transaction.”
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