A new startup ‘GenWise’ launched by former executives of BharatPe, a leading Indian fintech company, has raised seed funding of $3.5 million in a round led by Matrix Partners India. The startup, which aims to revolutionize the digital payments landscape in India, has received significant investment interest from venture capital firms, signaling confidence in its potential to disrupt the market.
Commenting on the funding round, a spokesperson from Matrix Partners India told media, “We are excited to lead the seed funding round for this promising startup founded by former BharatPe executives. We believe the team’s deep industry knowledge and expertise, combined with their innovative vision, positions them well to create meaningful impact in the digital payments space. We look forward to supporting their journey as they strive to disrupt the market and deliver value to their customers.”
The founders of the startup expressed their gratitude for the support and confidence shown by investors in their vision. They emphasized their commitment to building a customer-centric solution that leverages technology to simplify and enhance the digital payment experience for SMBs in India. The team is focused on developing a robust product and plans to utilize the seed funding to accelerate their go-to-market strategy and scale their operations.
The startup, which is currently operating in stealth mode, was founded by a team of seasoned professionals who previously held leadership positions at BharatPe, a rapidly growing fintech company that offers digital payment solutions to small and medium-sized businesses (SMBs) in India. The team brings a wealth of experience in the fintech and payments industries, having played a pivotal role in driving the growth and success of BharatPe.
The seed funding round, led by Matrix Partners India, a leading venture capital firm with a strong track record of backing successful startups, marks a significant milestone for the new startup. The round also saw participation from other prominent investors, including angel investors with deep expertise in the fintech sector.
While the startup is currently operating in stealth mode and has not disclosed details about its product or services, the founders have expressed their vision to disrupt the digital payments landscape in India with innovative solutions that cater to the needs of SMBs. With the rise of digital payments and the increasing adoption of fintech solutions in India, the founders see a significant opportunity to create value and address pain points in the market.
Startups have been at the forefront of this transformation, leveraging technology and innovation to cater to the evolving needs of consumers and businesses. The entry of this new startup, founded by former BharatPe executives, is expected to add further momentum to the fintech landscape in India, bringing fresh ideas and solutions to the market.
With the seed funding in place and a strong founding team, the new startup is well-positioned to embark on its journey towards disrupting the digital payments landscape in India. As the company progresses towards its goals, industry stakeholders and investors alike will be closely watching its developments, eager to witness the impact it creates in the fintech sector.