 "Fintech start-up Nimbbl raises $3.5 mn to improve market presence")
Fintech start-up Nimbbl said on Tuesday it has raised $3.5 million in funding from Groww, a financial services platform, Sequoia Capital India and Global Founders Capital (GFC).
Nimbbl’s other investors include Amara VC, a American angel collective, Cred founder Kunal Shah, Pine Labs chief executive officer Amrish Rau, Jupiter founder Jitendra Gupta, Nium founder Prajit Nanu and former senior Mswipe executive Srinivas Rao.
The Mumbai firm was founded in October 2020 by former Citrus Pay and PayU executives Anurag Pandey and Amit Bansal. It helps businesses in increasing customers and revenues while reducing costs. Nimbbl, which has teams in Mumbai, New Delhi and Bengaluru, will use the funding from seed and pre-series A rounds to strengthen its product and market capabilities.
“Payment failures and checkout abandonment due to poor consumer experiences are key reasons for loss of revenue for businesses,” said Pandey, co-founder of Nimbbl. “Our technology enables merchants to personalise the checkout experience for their consumers resulting in 40 per cent higher payment initiations. This translates to over 6-8 per cent increase in revenues.”
More than 4,000 merchants use Nimbbl’s one-click checkout solution. offering customers a better experience on Unified Payment Interface (UPI) and Buy Now Pay Later (BNPL).
“With us, merchants of all sizes get an ecosystem to manage payments, offers, payment aggregators, and settlements through one dashboard,” said Bansal, another co-founder at Nimbbl.
A report by BCG said recently that Indian digital payments will be worth $10 trillion by 2026, when two out of three transactions in the country will be done digitally. The total value of digital payments in 2021 was $3 trillion. Consumer payments to merchants and government as well as business-to-business payments will contribute about 40-45 per cent of this volume.