PaySprint To Raise $3 Mn To Expand Financial API Solutions For Businesses

B2B fintech startup PaySprint today said it will be raising $3 Mn (around INR 25.7 Cr) in its Series A funding round from a clutch of undisclosed family offices and high-net-worth individuals (HNIs).

The startup said in a statement that as part of the $3 Mn fundraise, it has already secured $1.2 Mn in its first tranche.

The Delhi-based startup seeks to use the fresh capital to boost its product portfolio, expand AI capabilities for onboarding, fraud detection, workflow automation and talent acquisition.

The company’s flagship product, SprintNXT, facilitates businesses with connected banking platforms, real time insights, collection tracking and reconciliation. 

PaySprint founder and chief executive officer S Anand said, “We’ve gone from one product to powering end-to-end journeys for NBFCS, fintechs, platforms, and enterprises. With SprintNXT and our newly launched escrow stack, we’re solving problems that used to take months and multiple vendors to fix—now done in days, under one roof.” 

Founded by Anand in 2020, PaySprint offers APIs infrastructure which helps financial institutions and fintech businesses with several financial services, including payments, banking and identity verification. 

PaySprint also offers AI-driven verification infrastructure via SprintVerify. Through this service, businesses can avail real time verification solutions including KYC (Know your customer), KYB (know your business), fraud detections, financial checks, employee background verification.

The company also recently unveiled its Escrow-as-a-Service (EaaS) infrastructure which includes two products — SprintEXcrow and SprintEX-code.

Notably, EaaS is a cloud based solution which acts as the third party, holding funds, assets, or data until certain contractual conditions are met between the two transacting parties. 

With SprintEXcrow, PaySprint is aiming to offer secure and dispute-free transactions between the two parties. Using this, digital platforms and marketplaces can hold funds in an escrow account and track transactions as they happen in real time. 

SprintEX-code is a physical as well as cloud-based software escrow platform, providing source code protection for regulated organisations.

In 2022, listed fintech major Fino Payments Bank acquired a 12.19% stake in Paysprint for an undisclosed amount. 

As per Tofler, the company widened its net loss to INR 1.8 Cr in the financial year ended March 2024 (FY24) from INR 40 Lakh in the previous fiscal year. 

Notably, it was profitable in FY22 with a net profit of INR 1.3 Cr and later slipped into the loss in FY23.

As per Inc42 report, India’s fintech market is expected to cross the $2.1 Tn mark by 2030. In 2024, more than 790 fintech startups raised funding in India.