Softbank pumps $ 60Mn with FinTech Juspay

India’s fintech sector has grown exponentially as the pandemic required an online transition to conduct financial transactions. This, in turn, benefited fintech players in the Indian sector and attracted the attention of investors. This led to an influx of capital and some fintech startups evolved into unicorns and made public ( Paytm). And with payment technology startup Juspay Technologies raising another $ 60 million, this trend doesn’t seem to change anytime soon.

Jaspey’s Series C funding round was led by SoftBank Vision Fund II and included the participation of existing investors VEF and Wellington Management. In the latest funding round, 9-year-old Juspay will be valued at $ 460 million. Juspay has raised nearly $ 88 million so far.

This funding is SoftBank’s first investment following Paytm’s disappointing debut in the public market.

Revenue from the funding round will be used to scale up JusPay’s technology infrastructure to improve the platform and expand payments and product adjacency businesses in both domestic and international markets. In addition, we plan to hire individuals and train them for expansion next year, aiming for about 1,000 people.

“Juspay is at the forefront, building the underlying infrastructure by integrating and enhancing hundreds of diverse payment options in a neutral way. We are UPI and OCEN (Open). We believe in ecosystem innovations like the Credit Enablement Network) and have built a deep value-driven culture to support such initiatives. This funding has expanded our mission in India and globally. It helps to grow, “said Vimal Kumar, founder and CEO of Juspay.

Juspay is a well-known name in India’s fintech sector, one of the contributors to the BHIM app, and of the billions of payment transactions of major merchants such as Amazon, Flipkart, Ola, Airtel and Swiggy. Known for improving the user experience.

Its intelligent technology platform integrates payment gateways, thereby simplifying the process and providing merchants with a “seamless, secure, reliable, end-to-end enterprise-grade payment stack, lower cost and higher. Achieve profits. “

The startup provides merchants with payment processing technology, including domestic one-click frictionless digital payments. It processes over 300 million online transactions per month (11 million transactions per day), totals over $ 5 billion, and has a payment SDK (software) installed on 250 million mobile phones. It is said that the number of development kits) is the largest. He also claimed that the platform records the majority of domestic mobile transactions.

Juspay’s products also include Express Checkout, a payment orchestration platform for increasing transaction success rates, and UPI in a Box, the first cloud-native UPIP SP and in-app UPISDK.