New Delhi: RapiPay, the Fintech firm launched with a mission to create robust global ecosystem in the country is abiding by its goal, literally. The company’s exponential growth and record revenue in past few financial years is a testimony of its increasing footprints across the country.
In FY 2021, the firm took rapid strides and set a new benchmark of growth. In the given financial year, RapiPay’s revenue surged to record levels, amounting to more than twice of the combined revenue of all neobanking players listed in FY 2021.
As per the Inc 42 (start-up assessment portal) report, the RapiPay has registered 26 times growth in revenue since its launch in 2018. Its revenue stands at $26 million, which is more than double of combined revenue of all noebanking players. Leave aside completion, no fintech firm has revenue adding up in double digits.
Data shows that RapiPay was also the leading firm in expenditures for the FY21. Its expenditures stood at $28 million while the closest rival was Niyo with expenditures of just $14 million.
RapiPay also ranks among the Top 10 most funded neobanking start-ups in the country. Firms namely Open, Jupiter and Niyo occupy top 3 spots in the list. Their early entry into the sector is understood to have given them a headstart.
RapiPay, the leading brand among neobanking players in the country and its rising revenue has enthused not just its promoters but also the sector. Neobanking is a term used for Fintech firms functioning like banks but running their operations digitally.
Going forward, the neobanking operations are set to expand rapidly as the young generation forms a big chunk of country’s working population. With about 47% India’s population under the age of 25 and technology penetrating our lives, the neobankers are set to witness strong & steady growth.
In 2019, there were just 9 neobanking start-ups in the country. The Corona period saw a flourishing growth in the sector and today, their number stands at about 27, registering 3 times growth in just 3 years.