Hypto, a Chennai headquartered tech infrastructure platform focused on deconstructing financial products for developers, has raised $3 million (₹22.48 crore) in seed funding led by Stellaris Venture Partners, with participation from 3one4 Capital and Core 91. The round also saw participation from prominent angel investors, including Amrish Rau (CEO, Pine Labs) and Jitendra Gupta (CEO, Jupiter).
Hypto will utilize the raised capital to expand its technology team and build web services to serve and support fresh financial use cases for technology businesses.
Founded in 2018 by Abhishek Rajagopal, Aravind Sriraman, and Tholkappiyan Velavan, Hypto is breaking down finance in terms of primitive infrastructure and code and making it accessible to everyone. Hypto launched its first stack that supports payments infrastructure in March 2020 and is now working with over 10 banks and over 2,000 businesses. The firm said that its platform has processed over 55 million transactions totalling over $15 billion.
Abhishek Rajagopal, co-founder, Hypto, said, “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 all financial use cases. We are also open-sourcing our connections to centralized financial institutions and decentralized networks.”
Ritesh Banglani, partner at Stellaris Venture Partners, said, “The rapidly-changing banking landscape allows traditional financial institutions to integrate with fintech companies to provide new and innovative financial products. We strongly resonated with Hypto’s vision to build the operating system for fintech — by providing APIs to access all banking products, they allow any business to build financial products customized to their needs.”
Pranav Pai, managing partner at 3one4 Capital, said, “Indian fintech is a unique and collaborative environment that combines large-scale modular and interoperable digital public goods, like UPI and Aadhaar, with cutting-edge software products and platforms that are now mainstream. Hypto’s elementary approach will help every software product in the country build the optimal financial services experience for their customers.”
