As technology seeps deeper into the Indian business scene, we are witnessing digitization in every nook and corner of the country.
Large businesses in India, like anywhere in the world, have robustly adopted tech in various aspects of their functioning. From management to logistics, from client servicing to payments, tech helps with everything.
As technology ventures to arm the tier 3 and the lower belt, we see many Indian companies take the stage for enabling tech. With young and hardworking talents, these companies are helping transform India into the tech-efficient nation of tomorrow.
IppoPay, a FinTech company provides digital payments and banking infrastructure to small businesses.
IppoPay was made with the vision in mind to speed the rural belt to digital payments. The company was started in 2020 by Mohan K and Jai Kumar, IppoPay is a one-stop shop for all your business payment needs.
Founders of IppoPay
Mohan K—the co-founder and CEO of IppoPay is a businessman with 14 years of experience in IT and Fintech.
He founded “Roamsoft” in 2010, a software solutions firm, and co-founded “Foloosi Technologies” based in the UAE marking his entrance into the friendly FinTech space.
Foloosi grew to see quick investors, and the company is now listed by Forbes as one of the top 20 fintech companies in the Middle East. IppoPay is a Chennai-based FinTech venture that was founded in November 2020.
It now serves 1 Lakh Offline Indian merchants and records online transactions of over INR 9000 Cr.
Jai Kumar is the co-founder and CTO of IppoPay. An incredibly talented and passionate software engineer with an impressive 9 years of expertise in creating real-time software solutions. Jai leads the design and development of IppoPay’s payment products and services.
Digital Push In The Rural Belt
There is a lot of anxiety about digital payments in rural areas. It is a challenge in itself to educate businessmen and women in towns and villages about the benefits of digital payments.
Finding a disruption in the rural belt calls for meticulous efforts and perseverance.
However, IppoPay’s sole goal is to fill the unattended needs in the financial industry today and that serves as their Mantra. Most small firms in India’s Tier 4 to Tier 6 markets don’t completely engage in the banking system.
IppoPay’s objective is to use contemporary financial technology to eliminate all cumbersome and time-consuming tasks that rural Indian merchants face to handle payments and in turn speed up their sales.
Coming from the company –
“Our goal is to put an end to every tedious and time taking task of a rural Bharat merchant handling his/her payment and make them feel safe as users of digital payments. We work towards the belief to trailblaze the Rural community towards easy banking with fintech. The immediate target is to Digitally bank the unbanked”.
IppoPay’s Product Offerings
IppoPay offers a full-stack API for Fund Transfer, UPI payments, pay-in, and Payouts. Their payment infrastructure for online businesses includes Payment Gateways, Payouts, and Banking APIs.
IppoPay’s Payout Services rolls out bulk and individual payments to your vendor/employee/stakeholder’s accounts.
Through Ippostack they also provide Banking As A Service (BaaS) to Conventional Banks via full-stack tech APIs thereby helping them to digitize various primary functions of banking like Remittances, Deposits, Lending, Insurance, and more.
IppoPay’s Full-Stacked Neo Banking solution for Offline Stores is a fully featured Payment and Digital Banking Application that facilitates the Collection and Disbursal of payments.
The store app includes unique QR payments, Card payments, Cash Recorder, Payment links, Banking Handle, BuyNow-PayLater, Inbuilt e-POS, DigitalLedger/KanakkuBook, Wealth Management, Smart List of Customer Database, and a TongueSpecific Portal.
Merchants are provided with NeoBank Accounts and a Debit card. All payment transactions made by customers through the unique QR or Card are settled to their Neobank accounts.
IppoPay’s Store App has benefits like loans, Insurance, and Mutual Funds. Small Loans applied for, are disbursed 2x faster through tech-powered credit decisions without the need for collaterals.
The Journey to Building a Brand
IppoPay began with a team of seven and currently has a team of 215 employees. The company has grown 10x across multiple verticals since its establishment.
The startup grew to see quick investors and now records a seed funding of USD of 2.3 Mn from Coinbase Ventures, Better Capital, Blume Founders Fund, and other angel investors.
IppoPay is on track to build the largest fintech brand with dead easy digital payments and banking solutions. They cater to the millions of under/unbanked sectors in Bharath helping them in speeding up digital banking.
Author Credits: Shwetha Emerson, Content writer @IppoPay