India-based digital payments company PhonePe has reportedly collected $28m in a new funding round from e-commerce giant Flipkart.
The FinTech had been looking to raise funds to support its place in the markets; however, it had been struggling to find backers due to it putting a high valuation, according to a report from Inc42.
Like a lot of businesses, PhonePe has had a troubled couple of months due to the coronavirus. The company has seen its digital payments usage drop by nearly 35%, the article claims.
Flipkart previously invested into PhonePe back in 2018 deploying $65m to the payments company.
PhonePe is a digital payments solution which lets users send money, pay bills, online shopping, and others. A consumer simply connects their bank account to PhonePe and then they can access mobile payments through online transfers, POS terminals or through QR code scanning.
Late last year, PhonePe competitor Paytm closed its colossal $1bn Series G round which valued the business at $16bn.
Copyright © 2020 FinTech Global
