Visa processing startup Atlys raised $20 M Series B funding from Peak XV and Elevation
The $20 million Series B funding round led by Peak XV Partners and Elevation Capital has been raised by the visa processing platform Atlys. Along with new investors like DST Global and Headline, current investors took part in the round.
In addition to enhancing product and engineering capabilities, expanding into new markets, and scaling operations globally, the new capital will support Atlys’ expansion plans, the company said in a press release.
The three-year-old startup wants to streamline procedures linked to visas. According to the company, its technology can expedite processing times to as little as 55 seconds and lower the percentage of visa rejections. The application process takes an average of slightly more than 4 to 10 minutes on the platform, which covers more than 150 destinations.
Atlys now has a stronger presence in several important international markets, such as the US, UAE, and UK. Additionally, it has strengthened its leadership in the engineering, marketing, and product divisions.
Sources state that Atlys processes about 30,000 visa applications each month, with India accounting for over 60% (20,000) of these applications.
Atlys asserts that it has grown 20 times in the last year, despite not disclosing its revenue or other financial information.
In July 2022, Atlys’ rival Visa2Fly raised $414K during its pre-seed round, while StampThePassport raised $500K in September of the previous year.
30 million Indians traveled overseas in 2023, up 20% from the previous year, according to a UNWTO report. According to the report, tier II and tier III cities accounted for 43% of the nation’s outbound travel, which was a major contributor to this growth.
