The company has also obtain approval to operate as a Third Party Application Provider (TPAP) from NPCI
FinTech BizNews Service
Mumbai, August 6, 2024: IppoPay, a Chennai-based fintech Startup, has secured an investment from Mithun Sacheti, the Founder of CaratLane and Siddhartha Sacheti, CEO of Jaipur Gems.
IppoPay specializes in facilitating digital payments for small-scale merchants, focusing particularly on Tier II and III cities and rural areas. The company, has a significant presence in Tamil Nadu, and is expanding its geographical footprint, starting with a deep penetration strategy in Andhra Pradesh and Telangana, followed by the rest of South India, including Karnataka and Kerala.
Apart from solving banking requirements and the UPI payment penetration in the unserved sector, the company is also focusing on helping MSMEs open current accounts and enable transfer of funds. The company has also successfully obtained TPAP approval from NPCI.
"We are thrilled to welcome Mithun and Siddhartha. Their track record as successful entrepreneurs will undoubtedly enrich our strategic direction and add substantial value to IppoPay. They have been instrumental in providing invaluable guidance for the growth of the company" said Mohan Karuppiah, CEO Ippopay.
Mithun Sacheti said, "We are excited to join forces with IppoPay. Mohan’s vision and commitment to improve the way the MSME households bank, transact, and invest, helped us build conviction on IppoPay’s ability to build a sustainable fintech platform for MSMEs in India".
A vertical of IppoPay, Fin Meadows, operates Tech Fini, an all-inclusive feature-rich payment infrastructure solution provider, offering a suite of products like UPI switch, card switch and card management tools. Tech Fini has recently completed certification for UPI with NPCI.
Tutelar, an AI-based fraud detection and prevention tool utilized for onboarding, transaction monitoring and ensuring AML compliance, conceptualized in-house at IppoPay, is designed to assist clients by actively monitoring real-time payments. Notably, IppoPay as part of its said FRM offering has successfully onboarded JusPay, Lyra, HyperFace, and CAMSPay as clients.
With strong leadership, strategic investments, and a clear focus on technological innovation and financial inclusion, IppoPay is poised for exponential growth. The company's future initiatives will continue to prioritize enhancing customer experience, expand service offerings, and forge strategic partnerships to drive further innovation and solidify its position as a leader in India's evolving fintech ecosystem.
