The funding was led by Stellaris Venture Partners, with participation from 3one4 Capital and Core91. The round also saw participation from major angel investors.
Hypto, a Chennai-headquartered tech infrastructure platform focused on reinventing financial products for developers, has raised $3 million (₹22.48 crore) in seed funding led by Stellaris Venture Partners, with participation from 3one4 Capital and Core91. The round also saw the participation of prominent people. Angel investors including Amrish Rao (CEO, Pine Labs) and Jitendra Gupta (CEO, Jupiter).
Hypto will use the capital raised to expand its technology team and build web services to serve and support new financial use cases for technology businesses.
Founded in 2018 by Abhishek Rajagopal, Arvind Sriraman and Tholkappian Velavan, Hypto is breaking down finance in terms of primitive infrastructure and code and making it accessible to all. Hypto launched its first stack that supports payments infrastructure in March 2020 and is now working with over 10 banks and over 2,000 businesses. The firm said that its platform has processed more than 55 million transactions worth over $15 billion.
Abhishek Rajagopal, co-founder of 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 expanding our connections to centralized financial institutions and decentralized networks.”
Ritesh Banglani, Partner, 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 are using Hypto to build operating systems for fintechs. We strongly resonate with the U.S.’s vision – by providing APIs to access all banking products, they allow any business to build financial products tailored to their needs.”
Pranav Pai, Managing Partner, 3one4 Capital, said, “Indian Fintech is a unique and collaborative environment that combines large-scale modular and interoperable digital public goods, such as UPI and Aadhaar, with state-of-the-art software products and platforms that are now mainstream. Hypto’s primary vision is to help each software product in the country build the optimal financial services experience for its customers. “
.