RapiPay

About RapiPay

RapiPay Fintech Private Limited operates as a key player in India's assisted payments sector, focusing on driving financial inclusion, particularly in rural areas. The company was founded in 2018 by Yogendra Singh Kashyap and S.K. Narvar. RapiPay is a subsidiary of Capital India Finance Limited (CIFL), a publicly listed Non-Banking Financial Company (NBFC).

The firm's core business revolves around an agent-based model, utilizing a vast network of over 600,000 Direct Business Outlets (DBOs), often referred to as 'Saathis'. These agents are typically local retailers who provide a suite of financial services to their communities, processing over 30 million transactions monthly. The business generates revenue primarily through commissions on the digital payment solutions and financial services offered through its network. For the fiscal year 2023, RapiPay's revenue from operations grew to ₹439 crore.

RapiPay's service portfolio is comprehensive, enabling its DBOs to function as one-stop financial service points. Key offerings include the Aadhaar Enabled Payment System (AEPS) for cash withdrawals, Micro-ATMs, domestic money transfers, and utility bill payments. Additionally, the company provides POS solutions, insurance, mobile and DTH recharges, and business loans. In a significant move to enter the B2C market, RapiPay raised $15 million in 2022 to launch NYE, a digital banking super app designed to allow users to manage multiple bank accounts and financial needs from a single platform.