B2B fintech Vegapay raises $5.5 mn; co. to fund team expansion, operations

Vegapay, a business-to-business (B2B) fintech firm, has raised $5.5 million in a seed round that saw the participation of Elevation Capital and Eximius Ventures.

The company will utilise the capital raised towards expanding product and technology teams and investing in operations and compliance requirements.

“The idea is to add a few more engineering and tech folks immediately and then keep adding as and when required. We will spend the money on team development, operations, and regulatory requirements that are needed, given we have banking products,” said Gaurav Mittal, chief executive officer (CEO), Vegapay, in an interaction with Business Standard.