Fintech startup IppoPay has secured an undisclosed investment from Mithun Sacheti, Founder of CaratLane, and Siddhartha Sacheti, CEO of Jaipur Gems.
This new funding comes on top of a $2.1 million investment round completed in January 2022, which included contributions from Coinbase Ventures, Better Capital, Blume Ventures, and others.
The fresh capital will be directed towards developing a sustainable fintech platform tailored for MSMEs, IppoPay announced in a press release.
Founded in 2020 by Mohan Karuppiah and Jai Kumar, IppoPay is a Chennai-based payment aggregator that facilitates payment collection and processing for businesses. The platform offers a range of tools, including payment acceptance and processing solutions, UPI payments, salary disbursements, POS systems, and neo banking APIs. The app is available for Android users.
IppoPay has established a strong presence in Tamil Nadu and is expanding into other southern Indian states such as Andhra Pradesh, Telangana, Karnataka, and Kerala. The company is also focused on helping MSMEs open current accounts and manage fund transfers.
The vertical Fin Meadows, operated by IppoPay, provides Tech Fini, a payment infrastructure solution that includes UPI switches, card switches, and card management tools. Additionally, IppoPay’s AI-based fraud detection tool, Tutelar, actively monitors real-time payments to enhance security.
IppoPay’s FRM offering has onboarded clients including JusPay, Lyra, HyperFace, and CAMSPay.
