Vegapay, a fintech firm situated in Gurgaon, India, was successful in raising $5.5 million in seed capital. The majority of the funding came from Elevation Capital, with Eximius Ventures also contributing to the round.
Use of funds:
The company plans to hire developers, designers, and engineers with the money to improve its product line, with a focus on new product creation and updates to meet regulatory requirements.
About Vegapay:
Vegapay was started in 2022 by Gaurav Mittal, Himanshu Agrawal, Puneet Sharma, and Abhinav Garg. It helps banks, NBFCs, and fintechs quickly launch flexible card and credit-based products by providing a loan tech stack and a card management platform.
They allow card issuers to create and run very flexible card systems, such as credit, debit, prepaid, and forex cards, as well as new credit-on-UPI solutions.
Vegapay also provides Loan Origination Systems (LOS), Co-lended Loan Management Systems (Co-LMS), and Loan Collection Systems (LCS). These systems help clients provide financial services by addressing important problems of speed, scale, and innovation.
