Fintech start-up Zenpay Solutions raises angel round from a group of investors led by The StartupLab and AngelBay
Zenpay Solutions is helping the unbanked blue-collared workers of India by providing banking solutions, thereby driving financial inclusion to the Indian Economy
New Delhi (India), November 09: Fintech start-up Zenpay Solutions has raised an undisclosed amount of funding led by AngelBay and The StartupLab with participation from investors such as Pavitra Walwekar and Naresh Vigh of Kudos Finance, Ashish Mittal – founder of Smart Kitchen, Nitin Agarwal – founder of B21, Anant Aggarwal, Managing Director Viney Equity Market & Raghav Singhal, Director Om Logistics Ltd. in their latest round of funding. The company had earlier raised their friends and family round in May 2020.
Founded in 2018, In a short period, Zenpay has benefitted over 150,000 customers across India by increasing its reach and targeting customers, especially from the semi-rural and rural sectors who do not have access to banking services. Over the next six months, the company aims to expand its reach by creating 2,00,000 new customers across India and plans to create a customer base of 1 million customers by 2022.
According to the start-up, it has processed over INR 600 cr in transaction volume, supporting over 150,000 blue-collar workers in the process.
According to Zenpay Solutions, the fresh capital will be used to expand its technology and sales team and to build its services to serve and support its rapidly expanding customer and corporate base.
Commenting on the successful closing of the funding round, Ankit Bhargava, founder & CEO of Zenpay Solutions, said: “Zenpay Solutions is driving the development of a much richer, broader financial technology ecosystem that goes well beyond banking to include Rural and Blue Collared Workforce. Our products will create the much-needed affordability for blue-collar workers and allow us to build digital banking solutions for individuals who may not have had access otherwise.”