The Sri Lankan “Buy Now, Pay Later” start-up Mintpay, which emerged in the latter stage of 2020, has been steadily gaining momentum islandwide as more and more consumers have begun integrating the Mintpay platform into their own financial routine when shopping online, and was able to close at Rs. 51.5 million in seed funding.
“The general consensus is that Sri Lanka is a laggard with regard to the adoption of new technologies. However, we were determined to prove that this is far from true, and that Sri Lanka is a place where new and novel technologies can be built and taken to the regional and global stage,” affirmed Mintpay Co-Founder Urmila Chandrasekaran.
The secured funds will be utilised to further improve the technology, roll out new products, and hire talent. At present, there are over 160-plus merchants active on the platform, and products ranging from fashion, health and fitness, beauty products, jewellery, to pet care are now available for Mintpay members.
The seed funding for Mintpay is backed by nine investors, while the debt financing is extended by Seylan Bank.
The engaged parties in the funding round involved distinguished members such as former Citi Bank (London) Managing Director Bernard Sinniah and former Afterpay Growth Marketing Director Suranga Priyashantha.
This cohort was also accompanied by the Lanka Angel Network and nVentures, a Singapore-based venture capital company.
When taking a closer look at the unique infrastructure of the Mintpay services, an indispensable value proposition for anyone searching to invest in the product is revealed.
“We were able to disrupt the norm and develop an alternative credit decisioning system without having to rely on any third parties. We will continue to invest in technology and roll out new products and features,” revealed Mintpay Co-Founder Kukaraj Tharmasegaram.
The proprietary technological stack that has been implemented within the Mintpay architecture is groundbreaking for the Sri Lankan finance ecosystem with its ability to actively make decisions based on the “creditworthiness” of a user. These conditions combine to bestow Mintpay with a significant competitive advantage, particularly when taking into consideration the decisioning engine.
Over the past 17 months, Mintpay has consistently been able to drive immense value to the overall revenue of its merchant partners and unprecedented payment flexibility to its business-to-consumer (B2C) user base, with the recently concluded seed funding round being a testament to the potential for further growth in Sri Lanka.
Mintpay closes Rs. 51.5 m in seed funding
17 Feb 2022
Mintpay closes Rs. 51.5 m in seed funding
17 Feb 2022