Fintech startup Swipe raises $2 million in seed round
Premium- Within a year of its launch, Swipe said, it has over 25,000 business owners registered with them using this technology and has recorded over $30 million in transactions
MUMBAI: Fintech startup Swipe on Friday said it has raised $2 million in seed round from Y Combinator, Cred's Kunal Shah, GFC and over 25 other prominent angels. The startup was incubated at riidl, Somaiya Vidyavihar University.
Swipe is a billing and payments app for small businesses. Using Swipe, the company said, businesses can create an invoice in 10 seconds and send it to their customers over WhatsApp. Customers are provided multiple ways to instantly pay, and business owners can keep track of pending payments and send reminders.
Within a year of its launch, the platform said it has over 25,000 business owners registered with them using this technology and has recorded over $30 million in transactions.
“We want to have everything SMEs need to win. It is expected that there will be 105 million-plus SMEs in India by 2024. We imagine Swipe to be a simple end-to-end software stack that every small business needs to grow," said Sri Teja, co-founder of Swipe.
The round was led by Y Combinator, and also saw participation from Global Founders Capital, Soma Capital, Locus Ventures, Duro Ventures, K3 Diversity Ventures, Lish Lee Jung & Oliver Jung.
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Aditya V, co-founder of Swipe, said, “Swipe was founded on the premise of monetising the consumer base, while accounting gets automated. For a small business which competes with the likes of Amazon, every rupee of increased revenue is like gold for them. They need tools to compete, especially tech tools, to reach a lot of consumers, build long term relationships."
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