Chennai-based fintech start-up Backspace Tech has raised $4,50,000 from strategic investors including Mohan K and Jai Kumar, founders of Ippopay (Fintech), Omar Bin Brek, founder of UAE based Foloosi along with M2P Founders and other angel Investors. The fresh round of funds will be used to strengthen the technology stack, team expansion and for its go-to-market strategy.
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Praveen Krishna Dev, co-founder of Backspace Tech, pointed out that globally the banking system is dependent on very few products available, and the start-up intends to give them more. “Our current fund raise is a kickstart to the vision of building BaaS including disputes, lending and other core banking products,” he said.
Mohan K, co-founder and chief executive officer of IppoPay said,”Being in the fintech industry, particularly in payments for long time, I know there is a huge gap in UPI and cards dispute management.”
Founded by Praveen Krishna Dev, Vishwanath Vijayan and Karthick Sivaram V, Backspace Tech builds SaaS products for financial institutions to solve the disputes and chargebacks on UPI and card payments.