Zype is a fintech startup that aims to solve the cash flow problems of small and medium enterprises (SMEs) in India. The company offers a platform that enables SMEs to receive instant payments from their customers, without relying on intermediaries or third-party payment gateways.
How Zype works
Zype works by integrating with the existing billing software of SMEs and generating a unique QR code for each invoice. The customers can scan the QR code and pay the invoice amount using any UPI app, such as Google Pay, PhonePe, or Paytm. The payment is then directly credited to the bank account of the SME, without any delay or deduction.
Zype also provides a dashboard for SMEs to track and manage their invoices, payments, and cash flow. The dashboard shows the status of each invoice, the amount paid, the amount due, and the payment history. The SMEs can also send reminders to their customers, generate reports, and access analytics.
Zype’s growth and achievements
Zype was founded in 2021 by Abhishek Jain and Rishabh Jain, who have experience in the fintech and software sectors. The company claims to have over 10,000 SMEs as its customers, across sectors such as retail, manufacturing, education, healthcare, and hospitality.
Zype claims to have processed over Rs 1,000 crore worth of invoices and disbursed over Rs 75 crore per month to its SME customers. The company also claims to have its own collection infrastructure, which reduces the dependency on third-party payment gateways and ensures faster and safer transactions.
Zype has raised $12 million in its Series A round of funding, led by Sequoia Capital India. The company plans to use the funds to expand its team, product, and customer base. The company also aims to launch new features and services, such as credit scoring, lending, and insurance, for its SME customers.
Zype’s vision and mission
Zype’s vision is to become the preferred payment partner for SMEs in India, by providing them with a simple, secure, and seamless way to receive payments from their customers. The company’s mission is to empower SMEs with instant liquidity and cash flow, which can help them grow their business and achieve their goals.
Zype believes that SMEs are the backbone of the Indian economy, and they deserve a better payment solution than the traditional and inefficient methods. By enabling instant payments for SMEs, Zype hopes to create a positive impact on the SME sector and the overall economy.