Hypto will use the funding to expand its technology team and build web services to serve and support fresh financial use cases for technology businesses.
Hypto, a tech infrastructure platform focused on deconstructing financial products for developers, on Wednesday announced that it has raised $3 million in a seed round led by Stellaris Venture Partners, with participation from 3one4 Capital and Core 91. The round also saw participation from prominent angel investors including Amrish Rau (CEO, Pine Labs) and Jitendra Gupta (CEO, Jupiter).
According to a statement, Hypto will utilise the raised capital to expand its technology team and build web services to serve and support fresh financial use cases for technology businesses.
Ritesh Banglani, Partner at Stellaris Venture Partners, said, “The rapidly-changing banking landscape allows traditional financial institutions to integrate with fintech companies to provide new and innovative financial products. We strongly resonated with Hypto’s vision to build the operating system for fintech – by providing APIs to access all banking products, they allow any business to build financial products customised to their needs. The Hypto founders combine deep financial services knowledge with the experience of building global SaaS products, and we look forward to partnering with them in this journey.”
Pranav Pai, Managing Partner at 3one4 Capital, added, “Indian fintech is a unique and collaborative environment that combines large-scale modular and interoperable digital public goods like UPI and Aadhar with cutting-edge software products and platforms that are now mainstream. Hypto’s elementary approach will help every software product in the country build the optimal financial services experience for their customers and their use cases. Their inspired commitment to the universalisation of these primitives will help take Indian software products and fintech to a continental scale.”
Founded in 2018 by Abhishek Rajagopal, Aravind Sriraman, and Tholkappiyan Velavan, Hypto is helping developers build products by powering any financial use case with its tech infrastructure as a service. By unbundling the tech stack that bridges banks, financial institutions, and customers into elementary components, Hypto is removing critical bottlenecks that exist in legacy systems.
Hypto launched its payments stack in March 2020 and has been working with 10+ banks and 2,000+ businesses to automate their payments and reconciliation processes. Hypto has processed over 55 million transactions totalling over $15 billion in 18 months making it one of the largest payment processors in India.
Abhishek Rajagopal, Co-founder, Hypto said, “We are breaking down finance into its fundamental components to create a new generation of highly accessible, scalable and low latency web services that power all financial use cases. We are also open-sourcing our connections to centralised financial institutions and decentralised networks. By open-sourcing this connectivity layer, we are welcoming a global community of the sharpest people to collaborate and solve the toughest problems in finance.”
“We are thrilled to have the confidence of our investors as we work towards our mission to inspire developers and businesses to innovate rapidly without the need to worry about managing infrastructure or integrating with multiple financial institutions and networks”, he added.