You need an easy and secure way to manage money? Then, Fampay offers the perfect solution.
With their recent raise of $38M in Series A round funding from Elevation Capital and Sequoia Capital India, Fampay is poised to revolutionize the world of payments.
Discover how Fampay’s innovative approach can help save you time and money today!
FAMPAY, a New Delhi based payments technology and financial service platform, has announced the successful completion of its series A fundraising round from Elevation Capital (Formerly SAIF Partners) and Sequoia Capital India. This latest development is set to further drive the new start-up’s mission to bridge the fundamental gap between traditional banking infrastructure and digital banking with disruptive technology.
The $38 million financing round will enable the fintech platform to expand its position in India’s rapidly growing FinTech industry, support continued business development, and supercharge its network of millions of merchants across India. The firm believes this new growth capital puts it in an even stronger place as it accelerates towards achieving its vision of becoming India’s leading digital payments platform by 2022.
“This fundraise will help us leverage our strength in connectivity and personalization into redefining the way businesses transact online, building out efficiencies for businesses to accept payments from their customers,” said Satyam Kumar, Founder & Chief Executive Officer, FAMPAY. “It will also support us in introducing new innovative products like neobanking solutions for businesses and inventive merchant solutions that are radically responsive.”
Overview of Fampay
Fampay is a fintech platform that provides a comprehensive suite of payment solutions for households and businesses. Founded in 2020 by Kiran Mariappan and Shankar Ganesan, the company works to make payments simple, fast, secure, and cost-effective by enabling transactions through a range of options such as QR code scanning technology, UPI payments (Unified Payments Interface), net banking, debit card, internet banking transfers etc.
The company has successfully raised USD 38 million in its Series A round of funding led by Elevation Capital’s maiden venture capital fund and Sequoia India’s Surge Accelerator program. The funds will be used to expand Fampay’s product offering in India, build out its team, and strengthen its growth trajectory.
Fampay is available across over 50 cities and is working hard to continue accelerating merchant adoption while deepening its penetration within existing markets. This funding will enable them to continue expanding their scope of operation and bring more innovative payment solutions to their users.
FAMPAY RAISES $38M IN SERIES A ROUND FROM ELEVATION CAPITAL, SEQUOIA CAPITAL INDIA
FAMPAY, a payments and lending company for small businesses, has announced that it has raised $38 million in its Series A funding round from Elevation Capital (formerly SAIF Partners) and existing investor Sequoia Capital India. This marks a significant milestone for the Bengaluru-based start-up as it looks ahead to expanding its presence across India.
The new capital infusion will enable the company to strengthen its product offerings, scale up its customer base, expand into new geographies, and help more customers digitize their payments and lending operations. The fresh funds will also allow FAMPAY to drive growth through seamless solutions and build partnerships with banks and other financial institutions.
FAMPAY’s co-founder Anudeep Singh expressed his excitement at receiving this funding round from industry luminaries. He said “We are grateful to have the support of Elevation Capital (formerly SAIF Partners) in our quest to make the banking process easier for small businesses in India.” He added that FAMPY is committed to providing quality customer experience through intuitive services.
This marks FAMPAY’s second major fund-raise since launching two years ago. Last year Sequoia Capital had invested $7 million in the start-up enabling them to expand operations across different states in India and launch several products ranging from merchant services, digital credit solutionto payments technology solutions catering to small enterprises. Currently, over 300 digital lenders use FAMPAY’s comprehensive suite of payment and financing products, enabling lakhs of merchants to make their business processes more efficient and streamlined.
Investment by Elevation Capital and Sequoia Capital India
FAMPAY, a digital banking platform offering financial solutions to small and medium businesses, has announced that it has raised a series A funding round of $38 million from Elevation Capital, Sequoia Capital India, Beenext & Kalaari capital. This comes after the company raised its seed funding round in 2019.
The company aims to provide SMEs access to financial services such as invoice financciing, remittances and payments. The funds will be used to expand its customer base and grow the platform in India. FAMPAY is also planning to use the funds for building analytics-driven products for merchants on their platform.
Commenting on the investment by Elevation Capital and Sequoia Capital India , Aditya Tanna,Co-Founder & CEO at FAMPAY says,”We are delighted to have immensely credible investors backing us as we solve complex problems in payments’ adoption in various sectors like payments payment gateway, outstation travel and more.” He added,” With this partnership we look forward to enhancing our product offering with machine learning backed analytics capabilities.”
This investment comes when digital banking becomes increasingly popular following the Covid-19 pandemic. By providing SMEs with an all-in-one pltaform for payment services , FAMPAY will help simplify their business processes while saving time and effort. It will also provide merchantswith better control over their finances through analytical insights generated by the platform’s machine learning algorithms.
Use of Funds
FAMPAY, a leading Indian payment and financial services provider, today announced the successful completion of its Series A round of financing totaling US$38 million led by Elevation Capital and Sequoia Capital India. The company plans to use the fresh capital to invest in research & development (R&D) to develop innovative payment solutions and scale its technology platform, product suite and customer base.
With this new capital infusion, FAMPAY’s total investment has crossed US$40 million. The company will also use this financing round to build a sturdy Payment gateway that can act as an enabler for various digital payments, integrated banking solutions such as UPI and other products in the payment space. Additionally, FAMPAY plans to expand geographically across India and invest further in developing technology leadership in data science-backed machine learning capabilities to drive product innovation. The funds raised will also be used for marketing and brand building initiatives aiming to introduce its products more widely across the country.
Benefits to Fampay
Fampay, a payments startup in India has recently closed a $38 million Series A round of funding. The round was led by Elevation Capital (formerly SAIF partners) and Sequoia Capital India, with follow-on participation from angel investors.
This has allowed Fampay to make huge strides in the payments sector. This will allow them to focus on scaling up their user base and innovating their product offering. With this funding, Fampay can build out functionality for loyalty programmes and create a combined online/offline network of merchants that accept Fampay across cities in India.
Fampay will also use these funds to acquire new customers and build strategic partnerships. This helps the start-up gain competitive advantage in the payments industry and progress towards becoming the preferred payment option for Indian consumers and merchants alike.
Overall, this large capital infusion brings many advantages to Fampay’s operations, which will propel it into success.
Impact of the Investment
The round of investment led by Elevation Capital and Sequoia Capital India will provide Fampay with the resources to accelerate the growth of its digital payment gateway. It will expand operations in the international market, launch new products and services, and build a larger team of experts. This capital injection will also strengthen the company’s position as a leader in fintech innovation in India.
In addition, the funding has opened up further opportunities for Fampay to partner with an array of organizations in India as it looks to develop its offering and strengthen existing partnerships. It also gives Fampay scope to work out joint venture agreements with third parties overcharging from Indian customers on payment gateways to drive innovation at a faster pace.
Furthermore, the investments can be used to facilitate collaborations between Fampay’s product teams and other partners such as banks, merchant tech companies, financial institutions and various payment gateways thereby sought after industry tie-ups that may be possible because of this capital injection.
FAMPAY has raised over $8.3M in seed funding from investors including Accel, Sequoia Capital India, Matrix Partners and Coatue Management. The latest funding round brings FAMPAY’s total amount raised to $46.3M and will pave the way for FAMPAY’s continued success.
With this round of funding and the expertise and connections of Elevation Capital and Sequoia Capital India, the company is well-positioned to reach its goals in 2021 and beyond.