Gurgaon-based fintech startup, Vegapay, has successfully raised $5.5m in seed funding, according to FinSMEs.
The funding round was led by Elevation Capital, with additional investment from Eximius Ventures.
Vegapay, founded in 2022 by Gaurav Mittal, Himanshu Agrawal, Puneet Sharma, and Abhinav Garg, specialises in providing a lending tech stack and a card management platform.
Their solutions enable banks, NBFCs, and fintechs to launch flexible card and credit-based products swiftly. Vegapay’s technology supports a variety of card programs, including credit, debit, prepaid, and forex cards, along with innovative credit-on-UPI-based solutions. They also offer Loan Origination Systems (LOS), Co-lended Loan Management Systems (Co-LMS), and Loan Collection Systems (LCS), focusing on speed, scale, and innovation.
The newly secured funds will be used to expand their team by hiring developers, designers, and engineers. This will help enhance their product suite, with a particular focus on product development and regulatory compliance updates.
Elevation Capital’s backing marks a significant milestone for Vegapay. In a statement, the company’s CEO Gaurav Mittal said, “We are excited to partner with Elevation Capital and Eximius Ventures as we embark on this journey to revolutionise the card management and lending tech space.”
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