Fintech startup Vegapay raises $5.5 Mn led by Elevation Capital

Fintech startup Vegapay, a digital lending and card management platform, has raised $5.5 million in its seed round led by Elevation Capital with participation from Eximius Ventures. 

Earlier in August last year, the startup had raised $1.1 million in a pre-seed funding round led by Eximius Ventures.  

The proceeds will be used  to build towards its mission to help banks, NBFCs, and other financial institutions launch and manage product innovations easily with hyper-configurable, flexible and customizable credit solutions. 

Founded by Gaurav Mittal, Himanshu Agrawal, Puneet Sharma and Abhinav Garg in 2022, Vegapay is building a lending tech stack and card management system that enables regulated entities as well as fintechs to issue and further increase card as well as lending penetration in India. 

Vegapay’s suite of products allows financial institutions to provide customisable products that meet their customer needs and elevate their suite of offerings.

The startup aims to create an omni-channel lending solution, which will help institutions customise the type of product they choose to offer such as co-lending, secured credit, unsecured credit, and more.