Rupifi raises $1M in debt and equity
Rupifi, a fintech startup focused on SMEs, announced that it has raised $1 million in venture debt from Alteria Capital and equity from Coinbase and Pinterest board member, Gokul Rajaram in a series unknown round.
The Bengaluru-based startup plans to use the freshly raised funds to ramp up its Buy Now, Pay Flexibly product directed at small businesses transacting on B2B marketplaces.
Rupifi claims to have seen a 2X rise in spends in the last six months from SMEs that have been employing its platform to transact on B2B marketplaces.
The startup said it is looking to extend its offering to more SMEs, especially across different marketplaces.
Speaking about the funding, Anubhav Jain, Co-founder and CEO of Rupifi said, “We plan to use the debt towards creating stronger partnerships with financial institutions and secure significant limits from banks and NBFCs for our expansion.”
“We believe in a balanced mix of both equity and debt to manage our growth, product development, and expansion plans in the embedded finance domain,” he added.
Established in 2020, Rupifi allows small businesses to use its instant, flexible, and no-EMI credit product to purchase inventory and other goods essential for the operations of their businesses, online. Following the major impact of COVID-19, an instant line of credit coupled with a flexible repayment schedule and is devoid of heavy interest rates have been supporting these small businesses stay afloat.
“Rupifi is building the definitive platform for B2B companies to embed financial products into their customer experience in a fast, easy-to-use, and seamless way. The Rupifi team is best in class and I’m excited to support Anubhav, Ankit, and Jawaid as they march towards fulfilling their mission of helping small businesses access financial products such as credit and lending at the point of transaction,” Gokul Rajaram said.
The fintech startup had earlier raised $4.1 million in a pre-Series A round led by Quona Capital, Ankur Capital, and Flipkart co-founder Binny Bansal in March this year.
Rupifi is continuously advancing in its journey and simplifying the lives of several people. I’m sure the company will continue to reach new heights of success in the time to come. My best wishes to the team of Rupifi.Shishir Gupta, Founder and CEO, StartupLanes
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