Bengaluru based Fintech startup on Friday announced it has raised $1 million in venture debt from Alteria Capital and equity from Coinbase and Pinterest board member, Gokul Rajaram.
The startup will use the funds to scale its Buy Now, Pay Flexibly product aimed at small businesses transacting on B2B marketplaces.
Over six months, Rupifi stated it has seen a 2X increase in spends from SMEs using its platform to transact on B2B marketplaces. The startup said it intends to expand its offering to more SMEs, especially across different marketplaces.
“We plan to use the debt towards creating stronger partnerships with financial institutions and secure significant limits from banks and NBFCs for our expansion,” said Anubhav Jain, Co-founder and CEO of Rupifi.
“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 in a press statement.
Founded in 2020, Rupifi enables small businesses to use its instant, flexible, and no-EMI credit product to buy inventory and other goods necessary for the operations of their businesses, online. With the SME sector taking a huge hit last year because of COVID-19, an instant line of credit that comes with a flexible repayment schedule and is devoid of hefty interest rates have been helping these small businesses keep their heads above the water.
“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, in March this year, had raised $4.1 million in a pre-Series A round led by Quona Capital, Ankur Capital, andco-founder Binny Bansal.