InstantPay

About InstantPay

InstantPay India Limited, operating as InstantPay, is a neo-banking firm established in 2013, with its headquarters in New Delhi, India. The company was founded by Shailendra Agarwal, Amol Sonbarse, and Ajay Upadhyay. Agarwal, the CEO, brings over a decade of experience in the fintech sector, specifically with large-scale transactional systems. His background includes a degree in Computer Science and studies in Innovation and IT Management at the Indian Institute of Management, Bangalore.

InstantPay positions itself as a comprehensive financial services platform, targeting both individuals and businesses with a particular focus on Small and Medium Enterprises (SMEs) and the underbanked population in India's tier-2 and tier-3 cities. The company's business model is multifaceted, generating revenue through commissions on transactions, freemium models, and lending services. By December 2016, the company had raised approximately $3-5 million in a pre-Series A funding round from investors including Singapore-based RB Investments and Kaleden Holdings.

The firm's offerings are categorized into four main pillars: Personal Banking, Business Banking, Inclusive Banking, and API Banking. For individuals, InstantPay provides a digital bank account that can be opened rapidly, complete with a RuPay card for e-commerce and in-store purchases, alongside services for utility payments, loans, and insurance. For businesses, it offers an all-in-one business bank account designed to help SMEs and large enterprises manage collections, payments, and expenses through a unified dashboard. This service integrates with a company's existing bank accounts, providing analytics and a clear overview of cash flow.

A key component of its strategy is the "Inclusive Banking" model, which operates through a physical network of over 100,000 'Digi Kendras' (digital kiosks). These touchpoints act as micro-merchants, enabling financial inclusion by delivering mainstream banking services to consumers in areas not fully served by traditional banks. This network facilitates services like mobile recharges, bill payments, and domestic remittances. The API Banking solution allows large enterprises to integrate InstantPay’s open banking platform directly into their ERP systems for customized banking solutions, such as single-click salary disbursements to bank accounts or prepaid cards.