India-based PayVEDA, which helps make bill payments easier, has reportedly collected $11.5m in its Series A funding round.
The funding round was backed by SphitiCap, according to a report from Your Story.
It claims that its recent growth, strategic acquisition pipeline and potential IPO were drawing factors for this funding round.
With the funds, the FinTech company plans to bolster its expansion and acquisition efforts, as well as pursue its IPO.
Founded in 2019, PayVEDA provides a variety of financial services. Its services include money transfer, bill payments, mobile recharges, insurance, loans, bank account opening and payments. Insurance policies available are health, life, motor and accident, while loans available are home, personal and business.
The company has built a network of over 80,000 merchants.
Another Indian FinTech company to recently raise funds was Udaan. The company raised $120m to support the development of its B2B marketplace. Udaan helps merchants secure working capital and currently serves over three million retailers and small and medium-sized businesses.
Earlier in the year, India’s prime minister Narenda Modi announced the launch of 75 digital banking units to boost FinTech and financial inclusion in the country.
The minister said, “In recent years, digital banking, digital payments and fintech innovations have grown at a rapid pace in the country. The government is continuously encouraging these sectors to ensure that the benefits of digital banking reach every nook and corner of the country in a consumer-friendly manner.â€
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