Vegapay, a promising fintech startup specializing in digital lending and card management, has successfully raised $5.5 million in its seed funding round. The round was led by Elevation Capital, with notable participation from Eximius Ventures. This new influx of capital comes less than a year after Vegapay secured $1.1 million in a pre-seed round also led by Eximius Ventures.

Founded in 2022 by Gaurav Mittal, Himanshu Agrawal, Puneet Sharma, and Abhinav Garg, Vegapay aims to simplify and enhance the capabilities of banks, Non-Banking Financial Companies (NBFCs), and other financial institutions. The startup offers a highly configurable, flexible, and customizable platform for credit solutions, aiding in the seamless launch and management of innovative financial products.

Vegapay’s core mission is to bridge the gap in the lending ecosystem by providing a sophisticated tech stack and card management system. This system empowers regulated entities and fintech companies to issue and expand both card and lending services across India. By utilizing Vegapay’s suite of products, financial institutions can offer tailor-made solutions that cater to their customer’s unique needs, thereby enhancing their overall service offerings.

The recent funding will be directed towards advancing Vegapay’s technology and expanding its product lineup. The startup is focused on creating an omnichannel lending solution that allows institutions to customize their offerings. This includes a variety of product types such as co-lending, secured credit, and unsecured credit, among others.

Vegapay’s innovative approach and commitment to improving financial inclusion and accessibility position it as a key player in the fintech landscape. With the backing of prominent investors like Elevation Capital and Eximius Ventures, Vegapay is well-equipped to drive significant growth and transformation in the digital lending sector.