IppoPay, A Fintech Startup Launched Amidst The Pandemic And Clocked Transactions Worth Rs 1 Cr

Ippopay Founders

Advancement in the technology industry has led to various people developing start-ups. A similar start-up amidst the pandemic was launched by a fisherman’s son.

Exploiting his time, a start-up that facilitates payments, lending insurance, and personal finance management was introduced to the digital economy.

India’s fintech technology is under the influence of bashed payment modes. This highly praised local platform was launched by Mohan in Chennai.

Mohan is a resident of Thamaraikulam, in Rameshwaram, 500 kilometers from Tamil Nadu’s capital, Chennai.

“I did my schooling from government Secondary School in Tamil medium. In 2006 I graduated from MD Sathak Engineering College and came to Chennai to make a living“, he said.

Enthusiast in the field of programming and coding, he was always keen to build something in his name.

In 2010, after launching a web development company, he was soon labeled as “Local Fintech Guy”.

Paytm, PhonePay, Mobikwik, Razorpay, GooglePay, PayUhave turned the heads of the people. The bridge between the non-metro cities and rural areas needs to be built soon to avoid any lacking of resources to both.

The need for statistics and engagement with customers is the primary need of modern fintech platforms.

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What Is IppoPay?

Ippopay Founders
Image Source: Yourstory

Recently, IppoPay, a payments platform, was launched with the ultimate goal of achieving heights like other payments platform.

“Ippo in Tamil means now. So, IppoPay means PayNow”, said Mohan.

The IppoPay accepts payments via POS (Point Of Sale) software and keeps the business is updated with invoices.

“I have integrated more than 50 payment gateways. As time went why I was getting more involved in fintech wondering how things work full stop… by that time web development company had taken the shape of a software development company”, said Mohan

Building an app in a way it is compatible and accessible to all the devices, IppoPay is designed in a manner that a QR code can be generated for payment terminal through the mobile application.

“The problem with other people popular payment options is that there is no business book record. This business management platform tracks payment details and send a payment link via SMS or email to customers. Platform can also used to manage subscriptions, automate recurring building and get notified for all payment related activities. There is no setup fee; we have a flat unit pricing model”, said Mohan.

With a month-on-month growth of 40 % during the pandemic, the founder has claimed that the platform has successfully maintained the transaction to rupees one crore within two months of its launch.

“Most of the small scale entrepreneurs have hardly any acquaintance with the process of virtual transaction therefore this platform directly targets Merchant and vendors exposing them to digital payments with its simple user friendly interface” he added.

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Story Of IppoPay

Mohan, in 2018, attended a fintech event in the UAE where he met Omar Bin Burke, a Dubai-based entrepreneur.

Mohan K And Omar Bin Brek | Image Source

He invited Mohan, after learning his capabilities to build advanced gateways, to become a co-founder and CTO of a company called Foloosi.

This field enabled users, especially businessmen, to get the payment done through a QR code payment link or a gateway without the need of a POS machine.

“I was expecting an income prospect but this opportunity required and investment as a CTO who would build a team in Chennai and get the product out in UAE”, Mohan said.

After investing a few lakhs in Foloosi, he decided to quit the company and build a platform in his local language.

He was determined to build a platform in a language more suitable for his people. He chose to build the payments app in his native language.

He was very known to the fact how every Bengaluru, Mumbai, and Gurugram payment aggregators supported the business in English or Hindi.

Building a gateway in the local language would be a privilege and a user-friendly platform for the people of his state.

After acknowledging how businessmen of small-level entrepreneurship are handling the payments only through the paper, he had the urge to indulge in something which will help the milk vendors, newspaper boys,  Chit Fund companies and various other Chennai based entrepreneurs to get done with these tasks technically.

“These people manage the payments only through paper. We decided to create a mobile app and offer a subscription plan in their language” said Mohan.

Contending in the market with already high demanding platforms, IppoPay faced no such challenges. The Trust of the sellers on the fintech app, which spoke their language, has already won the hearts of various businessmen.

“Local merchants are excited to use us. Fintech is all about creating trust, so they want local providers. We are slowly converting our merchants from Razorpay, Cashfree and PayU” he said.

Indulging in activities to build a fine platform for the non-Hindi and non-English class was a big establishment in itself.

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Kritika
Student with ambitions, writer with ideas.
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