Vegapay

What Vegapay does

Vegapay is a B2B fintech company headquartered in Gurgaon, India, founded in October 2022 by former employees of Zeta, Amazon, BharatPe, and other payments/lending organizations. The company provides a modular banking infrastructure platform targeting financial institutions—primarily mid and small Indian banks and regulated fintechs—addressing pain points around outdated credit card management systems, costly legacy implementations, and lengthy go-to-market timelines for new lending and credit products.

Its core product suite spans four pillars: (1) Credit on UPI, including Credit Line on UPI and Credit Card on UPI modules enabling integration between UPI rails and credit products; (2) Card Programs under VEGAPAY CREDIT, VEGAPAY PREPAID, and VEGAPAY FOREX brands—a hyper-configurable Card Management System supporting credit cards, prepaid cards (open/semi-closed/closed PPIs), and multi-currency forex cards; (3) Lending Tech comprising VEGAPAY LOS (Loan Origination System with custom-built BRE), VEGAPAY LMS (Loan Management System with no-code dashboards), and VEGAPAY LCS (Loan Collection System with omnichannel agent deployment); and (4) the Vega BizTech add-on suite for back-office operations, rewards and loyalty, and white-label apps. The platform is built on an API-first, microservices-led, cloud-native architecture with 100+ pre-integrated services and is positioned to compress deployment timelines from years to weeks.

Vegapay monetizes through B2B SaaS subscription licensing to banks and financial institutions under quote-based enterprise pricing. The company maintains general offices in Mumbai, Gurugram, and Bangalore, and reports 28+ live projects. It has raised a cumulative $6.6 million across a $1.1M pre-seed round in August 2023 (led by Eximius Ventures) and a $5.5M seed round in May 2024 (led by Elevation Capital with Eximius Ventures participation). Additional investors referenced across funding rounds include Capri Global Capital, Climber Capital, DSP HMK Holdings, MGA Ventures, Upsparks, and GrowthCap Ventures. No revenue is publicly disclosed.

Name

Vegapay

Legal name

Vegapay Technology Private Limited

Website

https://vegapay.tech

Company type

Private

Founded year

2022

Operating status

Operating

Headcount range

101–250 employees

Short description

Vegapay is a B2B fintech founded in 2022 providing API-first, modular banking infrastructure—Credit on UPI, card management, and lending technology—to mid and small banks and regulated fintechs in India.

Ownership category

akta.pro rank

Product category

Banking Infrastructure Software

NAICS

Software Publishers (513210), Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)

SIC

Services-Prepackaged Software (7372)

akta.pro primary industry

BaaS Platforms & Sponsor Bank Enablement (FSAGALAA)

akta.pro secondary industries

Card Issuing & Program Management Platforms (BPAMAFAH), Embedded Card Issuing & Card-as-a-Service (FSAGALAC), Risk, Compliance & Controls for Embedded Finance (KYB/KYC/AML, Fraud, Disputes) (FSAGALAK)

Keywords

• Card management platform
• Lending technology software
• Banking infrastructure software
• Credit on UPI
• Fintech SaaS platform

Headquarters

HQ city

Gurugram

HQ country

India

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Personnel, Marketing or Sales, Infrastructure, Operations

Revenue model

1. SaaS Licensing to Financial Institutions: B2B SaaS model licensing card management and lending technology platforms to banks and financial institutions in India.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels2 records

Core offering

Vegapay provides a B2B SaaS platform of modular banking and lending technology products for financial institutions in India. Its offerings include a hyper-configurable Card Management System for credit, prepaid and forex cards; a Lending Tech Suite (LOS, LMS, LCS); Credit on UPI modules (Credit Line and Credit Card on UPI); and the Vega BizTech suite of back-office, rewards and loyalty, and white-label apps. The platform is API-first, microservices-led, and cloud-native, with 100+ pre-integrated services aimed at reducing go-to-market time for banks and fintechs.

Product overview

Vegapay is a B2B fintech platform providing a comprehensive suite of modular banking and lending technology solutions for financial institutions in India. The platform is built on a microservices-led, API-first architecture and offers three core product categories: (1) Credit on UPI solutions including Credit Line on UPI and Credit Card on UPI; (2) Card Programs under VEGAPAY CREDIT, PREPAID, and FOREX brands for managing credit cards, prepaid cards, and forex cards; and (3) Lending Tech solutions comprising VEGAPAY LOS for loan origination, VEGAPAY LMS for loan management, and VEGAPAY LCS for loan collection. Additionally, the Vega BizTech suite provides supplementary modules for Back-Office management, Rewards and Loyalty programs, and White-Label Apps. The platform enables financial institutions to build and launch banking products in weeks rather than years, with 100+ pre-integrated services.

Differentiator

Problem solved

Functional benefit

Brands

• Vega BizTech: Back-office, rewards & loyalty, and white-label app suite for business and operations teams.
• VegaPay Lending Tech
• VegaPay Card Programs
• VegaPay UPI

Products and services

• Credit on UPI UPI-integrated credit products that allow financial institutions to deliver credit lines and credit card access through the Unified Payments Interface, supporting instant credit access, real-time payment processing, and underwriting using real-time UPI data.
• VEGAPAY CREDIT Hyper-flexible credit card program management system that enables financial institutions to configure policies for billing, interest, charges, and repayments, with intuitive dashboards and rapid go-live timelines.
• VEGAPAY PREPAID Prepaid card management solution supporting open, semi-closed, and closed PPI programs, designed for flexibility and convenience in issuing and managing prepaid instruments.
• VEGAPAY FOREX Forex card management solution with fully digital onboarding journeys and multi-currency fund management for global payments and travel-related card programs.
• VEGAPAY LOS (Loan Origination System) Loan Origination System that streamlines loan application, approval, and disbursal with automation, custom-built Business Rule Engine (BRE) for loan assessment, and centralized document management.
• VEGAPAY LMS (Loan Management System) Loan Management System that manages disbursals, repayments, and reconciliation in real-time with no-code dashboards, supports co-lending partnerships, and provides advanced reporting capabilities.
• VEGAPAY LCS (Loan Collection System) Loan Collection System that maximizes debt recovery by deploying agents across multiple communication channels, with real-time receipt lifecycle management and a field agent application.
• Vega BizTech Suite 360-degree suite of Back-Office operational dashboards, Rewards & Loyalty engine (personalized rewards, cashback, coupon campaigns, gift card inventory), and customizable White-Label mobile applications with APIs, SDKs, and seeded incentives for customer adoption.

Quantifiable outcome

• 12X faster go-to-market compared to legacy platforms
• +2 more outcomes

Segments3 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Scale indicators5 records

Recent moves3 records

Expansion highlights5 records

Emerging players

• Setu: Setu is an India-based fintech infrastructure API platform providing payments, account aggregation, and lending APIs to banks and fintechs. It overlaps with Vegapay's lending and embedded finance modules as another API-first Indian infrastructure provider serving regulated entities.
• Decentro: Decentro is an India-based fintech infrastructure API platform offering account aggregation, KYC, payments, and lending APIs. It is comparable as an early-stage Indian API-first fintech infrastructure player targeting banks and fintechs, though broader in scope beyond cards.
• ToneTag: ToneTag is an India-based sound-based and contactless payment technology provider spun out of the Zeta ecosystem. It is comparable as a fellow Indian fintech infrastructure player with deep banking integrations, though focused on payment acceptance rather than card management.

Broad incumbents

• Marqeta: Marqeta is a global card-issuing and payment processing platform powering modern card programs for fintechs and banks. It overlaps with Vegapay's VEGAPAY CREDIT, PREPAID, and FOREX programs at the global scale and serves as a broad incumbent benchmark.
• Galileo Financial Technologies: Galileo (a SoFi company) provides cloud-based payment processing and card-issuing infrastructure to banks and fintechs. Its API-first platform competes in the same category as Vegapay's card management and embedded finance stack, though at materially larger scale.
• Thought Machine: Thought Machine offers a cloud-native core banking platform used by global banks to modernize deposits, cards, and lending. While broader in scope (full core banking), its card and lending functionality intersect directly with Vegapay's offerings for banks seeking modern infrastructure.
• Mambu: Mambu provides a cloud-native core banking and lending SaaS platform to banks, lenders, and fintechs globally. Its lending engine and composable banking architecture overlap with Vegapay's LOS/LMS modules and overall API-first philosophy.

Direct peers

• Zeta: Zeta is a B2B fintech infrastructure company offering card issuance, processing, and a digital banking platform to banks and fintechs. Vegapay's CEO is a former Zeta executive, and Zeta remains the closest direct peer in product scope and customer base in India.
• M2P Fintech: M2P Fintech is an India-based BaaS and card-issuing infrastructure provider serving banks, NBFCs, and fintechs with core banking, card management, and lending APIs. It directly competes with Vegapay across cards, lending, and embedded finance modules for Indian financial institutions.

Regional players

• Lendingkart: Lendingkart is an India-based digital lending platform providing SME and MSME loans with proprietary underwriting and LOS technology. It is comparable as an India-focused lending technology operator, though it operates its own lending book rather than selling infrastructure to banks.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/Vegapay_Banking
• LinkedInlinkedin.com/company/vegapay

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds2 records

Investors8 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Vegapay