In an undisclosed round, Rupifi, a fintech startup for SMEs, raised $1 million in venture debt from Alteria Capital and equity from Coinbase and Pinterest board member Gokul Rajaram.
The Bengaluru-based startup plans to utilise the fresh funding to expand its Buy Now, Pay Flexibly platform, which is aimed at small businesses dealing on B2B marketplaces.
Rupifi, which was founded in 2020, allows small businesses to acquire inventory and other commodities required for their operations online using its quick, flexible, and no-EMI credit solution. With the SME sector suffering a hit due to COVID-19 last year, an instant line of credit with a flexible repayment plan and no high interest rates has been helping these small enterprises keep their heads above water.
“We plan to use the debt towards creating stronger partnerships with financial institutions and secure significant limits from banks and NBFCs for our expansion,” said Anubhav Jain, Co-founder and CEO of Rupifi.