Vegapay raises $5.5 million in seed round led by Elevation Capital

Digital lending and card management platform Vegapay has raised $5.5 million in a seed round led by Elevation Capital, with participation from Eximius Ventures. Earlier, in 2023, the startup had secured $1.1 million in pre-seed funding led by Eximius.

Vegapay will be utilising the funds towards enhancing its product suite, focusing on product development and regulatory compliance updates, said the company in a statement. A significant portion of the funds will also be allocated to hire top- tier developers, designers, and engineers to drive innovation, it added.

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The firm is expecting that the latest investment will enable them to help banks, NBFCs, and other financial institutions and manage product innovations with hyper configurable, customisable, and flexible credit solutions.

The company was founded in 2022 by Gaurav Mittal, Himanshu Agrawal, Puneet Sharma, and Abhinav Garg, and is building a lending tech stack and a card management system that enables regulated entities and fintech firms to issue and increase penetration of card and lending in India.