Bangalore based payments technology firm Juspay Technologies Pvt Ltd has now secured $21.6 million in the funding round of Series B.
The round was led by the Sweden Vostok Emerging Finance, which invested $13 million into the company and made its first investment in the country. Post investment, VEF will also get the representation in the Juspay board of Directors.
Some other investors who participated in the round include the Boston based Wellington Management Company with participation from existing investor global venture capital firm Accel.
“The fintech infrastructure needs an overhaul, and India is leading the way here with next-gen protocols like UPI, mandatory 2FA and measures to drastically reduce the cost of a transaction,” he added.
Vostok Emerging Finance Investment Partner Alexis Koumoudos said,
“The public payment infrastructure in India is unlike any we have encountered globally and is fast becoming a benchmark for other emerging countries. Vimal, Sheetal and the team at Juspay have made very real contributions to this infrastructure, and we are very excited by the innovation and truly value-added services that they are able to bring to their customers.”