Prominent angel investors, including Pine Labs CEO Amrish Rauy and Jupiter Neobank’s Jitendra Gupta also participated in the fundraising. The capital will be used for expanding the technology team and building web services to serve and support fresh financial use cases.
Founded in 2018 by Tholkappiyan Velavan, Abhishek Rajagopal, Aravind Sriraman, Hypto launched its first stack that supports payments infrastructure in March 2020. The platform has processed over 55 million transactions worth more than $15 billion.
It currently works with over 10 banks.
“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 financial use cases,” Rajagopal said. “We are also open-sourcing connections to centralised financial institutions and decentralized networks. By doing this, we are welcoming a global community of the sharpest people to collaborate and solve the toughest problems in finance.”
According to Ritesh Banglani, partner at Stellaris Venture Partners, the rapidly changing banking landscape allows traditional financial institutions to integrate with fintech firms to provide new and innovative financial products.
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“By providing APIs to access all banking products, they allow any business to build financial products customized to their needs,” he said.
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