Elevation Capital and Eximius Ventures led the $5.5 million seed round for fintech startup Vegapay, which is a digital lending and card management platform.
The startup had raised $1.1 million in a pre-seed funding round headed by Eximius Ventures earlier in August of last year.
With hyper-configurable, flexible, and customizable credit solutions, the company aims to make it easier for banks, NBFCs, and other financial institutions to launch and manage new products. The proceeds will be utilized to further this goal.
In 2022, Gaurav Mittal, Himanshu Agrawal, Puneet Sharma, and Abhinav Garg founded Vegapay. The company’s goal is to develop a lending tech stack and card management system that will allow fintechs and regulated entities to issue cards and expand the penetration of lending in India.
Financial institutions can enhance their range of offerings and cater to customer needs by offering customized products through Vegapay’s product suite.
The startup wants to develop an omni-channel lending solution that will enable institutions to offer a variety of customized products, including secured credit, unsecured credit, and co-lending.
