Vegapay, a fintech-based platform, has raised $1.1 million in a pre-seed funding round led by Eximius Ventures. The round also saw participation from DSP HMK, Capri Global, Upsparks Capital, MGA Ventures, Climber Capital, Arun Venkatachalam (Murugappa Group), Pratekk Agarwaal, general partner, GrowthCap Ventures, and other angel investors.
According to an official release, the platform intends to use the funding to develop their technology to make adoption easier for institutions and non-institutions. Their vision is to liberate FIs and fintechs from technical barriers which hinder running a lending program. Additionally, they aim to create an omni-channel lending solution. From what it’s understood, the channel should help institutions customise the type of product they choose to offer such as co-lending, secured credit, unsecured credit, among others.
“I believe the banks and the fintech players take months to launch new financial products like credit cards and lending offerings. However, we can help them reduce the time taken to bring products to the market by 90%. This would enable our partners to launch their products in one week. Our mission is to assist our partners in achieving the $1.5 trillion AUM by providing digital lending solutions,” Gaurav Mittal, co-founder and CEO, Vegapay, stated.