Rupifi, an embedded fintech player operating in the B2B payments space through its buy-now-pay- later (BNPL) and SME-focused commercial cards, has secured USD 8 million debt from venture capital funds led by Alteria Capital, Trifecta Capital, and Innoven Capital.
This funding is an extension of USD 25 million series-A round that the startup, which claims to be the first embedded finance company in the country, had raised in January this year, it said in a statement on Tuesday.
Rupifi currently works with partners across sectors like FMCG, food, pharma, fashion, electronics, agriculture and general merchandise, enabling its customers flexible and no-EMI credit while its SME-focused commercial cards flexibility to manage expenses without any cost for shorter periods.
Anubhav Jain, cofounder and chief executive said his company has been witnessing increased adoption of BNPL among SMEs in the last few months.
He plans to utilise the funds to help increase penetration and plug the gaps in the largely manual B2B payments by developing more products and creating an omni-channel mobile-first payments solutions platform.