Fintech startup Juspay raises $60M in Series C round led by Softbank

Bengaluru-based payments technology platform Juspay has raised $60 million or Rs 457 crore in a Series C funding round led by Japan-based Softbank's Vision Fund 2 at a valuation of $460 million.

Sweden-based fintech-focused VC firm VEF and Wellington Management also participated in the funding round, the statement said.

Prior to this, Juspay had raised $41.6 million in its Series B round in March 2020, co-led by Accel, VEF, and Wellington Management. At that time, the fintech firm was valued around $140 million.

Launched in 2012 by Ramanathan RV and Vimal Kumar, Juspay, a brand of Juspay Technologies Private Limited, offers payments processing technology to merchants and is working on other hosts of services. Its flagship products include Juspay Safe, HyperSDK, Express Checkout, and UPI in a Box.

With this round of funding, Juspay will focus on enhancing its payments technology infrastructure and scaling its business in payments and product adjacencies like credit - both in India and abroad countries. The startup will also focus on hiring talent, currently, it has 600 people and aims to reach around 1,000 employees by next year.

The fintech firm claims to process 11 million online transactions per day with a gross value of over $5 billion a month and is now aiming to get at least 100 million transactions per day. It also has the highest number of payment SDK (software development kit), which it calls HyperSDK, installed across 250 million mobile devices.

The platform also offers Express Checkout, a payments orchestration platform to boost transaction success rates.

"Juspay has been in the forefront, building foundational infrastructure by unifying and enhancing hundreds of diverse payment options in a neutral way. We believe in ecosystem innovations like UPI and OCEN (Open Credit Enablement Network) and have built a deep value-driven culture to support such initiatives," Vimal Kumar said.

Speaking on the investment, Vishal Gupta, Director at SoftBank Investment Advisers, said:

“Juspay is one of the most innovative deep tech companies in India’s fast-growing digital payments market. It is solving the complex needs of an evolving fintech ecosystem. We believe in Juspay’s vision to simplify payments for billions of people globally and deliver higher revenue at a lower cost for merchants."

Mumbai-based Avendus Capital has advised Juspay in this funding round, it said.

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