B2B fintech company Vegapay has announced the rise of a USD 5.5 million funding round, aimed at accelerating its team expansion and product portfolio development. Following this announcement, the business-to-business (B2B) fintech company will leverage the seed funding round in order to expand its product and technology teams, as well as invest in operations and compliance requirements.

The investment saw the participation of Elevation Capital and Eximius Ventures. In addition, Vegapay is set to focus on meeting the needs, preferences, and demands of customers and clients in an ever-evolving market, while also prioritising the process of remaining compliant with the regulatory requirements and laws of the local industry. More information on the announcement The financial institution was developed in order to provide digital lending and credit card management solutions to financial enterprises such as banks, non-banking financial companies (NBFCs), and fintechs.

At the same time, Vegapay automates services such as card management systems, UPI on credit lines, UPI on credit cards, as well as standalone modules for credit-based programs. This includes solutions such as origination systems, loan collection systems, and co-lending management systems. In addition, the company operates as a technology service provider (TSP) to financial institutions and banks, aiming to accelerate their development and contribute to the overall growth of the financial landscape.

The TSP space represents a large fintech ecosystem that attracts interest from investors and is expected to develop and grow significantly in the future. As financial institutions’ demand for modern credit platforms is currently accelerating at a fast-paced scale, being driven by clients that seek optimised and secure experiences and products, several embedded credit partnerships take place. The new modern systems are expected to form the overall foundation of all development and optimisation processes that will be made by banks, FIs, and credit providers.

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