IppoPay, a burgeoning fintech startup based in Chennai, has secured an undisclosed amount of funding from Mithun Sacheti, Founder of CaratLane, and Siddhartha Sacheti, CEO of Jaipur Gems. This investment marks a significant milestone for IppoPay as it continues to build its presence in the Indian fintech landscape.
Previously, in January 2022, IppoPay raised $2.1 million from notable investors, including Coinbase Ventures, Better Capital, and Blume Ventures. The new funding will be utilized to develop a sustainable fintech platform tailored for micro, small, and medium enterprises (MSMEs), according to a statement released by the company.
Founded in 2020 by Mohan Karuppiah and Jai Kumar, IppoPay is a payment aggregator for businesses, facilitating the collection and acceptance of payments from customers and vendors. The platform provides tools for payment acceptance and processing, including payment links, gateways, UPI payments, salary disbursements, POS solutions, and a neo-banking API stack. The IppoPay app is available for Android users, enhancing accessibility for its growing user base.
With a strong foothold in Tamil Nadu, IppoPay is expanding its reach into other southern Indian states such as Andhra Pradesh, Telangana, Karnataka, and Kerala. The platform’s focus extends beyond payment processing to assisting MSMEs in opening current accounts and facilitating fund transfers.
IppoPay’s vertical, Fin Meadows, operates Tech Fini, a payment infrastructure solution provider that offers products like UPI switch, card switch, and card management tools. Tech Fini’s AI-based fraud detection and prevention tool, Tutelar, also actively monitors real-time payments to safeguard clients against fraudulent activities.
The company’s Financial Risk Management (FRM) offering has successfully onboarded clients including JusPay, Lyra, HyperFace, and CAMSPay, showcasing IppoPay’s growing influence and reliability in the fintech sector.
As IppoPay continues to innovate and expand, the backing from industry leaders like Mithun Sacheti and Siddhartha Sacheti positions the company for further growth and success in transforming the MSME payment ecosystem in India.
