Singapore-Based Neobank Inypay Raising Funds Ahead of Mid-2023 Launch

Singapore-Based Neobank Inypay Raising Funds Ahead of Mid-2023 Launch

by January 10, 2023

Singapore-based Inypay announced that it will be launching its neobank, which has been in development for over 6 months, in Q2 2023.

The key focus of Inypay will be micro-lending, remittances, domestic payments, e-wallets, personalised and communal savings as well as micro-insurance in Southeast Asia.

Inypay’s 30-people team in Singapore, India, and Vietnam is building a digital bank to be launched across five countries.

With its data-driven technology and experience-driven design, Inypay’s hyperpersonalised platform is set to become the go-to destination for the blue-collar workers, foreign domestic workers, and micro, small and medium enterprises (MSMEs) in Southeast Asia.

Sudhir Nain

Sudhir Nain

“Inspite of all the hype, personalisation is still an afterthought at best.


What makes it different at Inypay is how our designers embrace data, and our data scientists embrace design.”

said Sudhir Nain, Chief Experience Officer at Inypay.

Additionally, as part of its twin strategy, Inypay will also offer its tech stack to banks and financial institutions as a Banking-as-a-Service (BaaS) platform.

Inypay aims to pursue both B2C and B2B markets in order to generate immediate revenue as well as to scale it.

Barani Sundaram, Co-founder and CTO at Inypay

Barani Sundaram

“Our tech is cloud-native, secure, 100% open API based, and AI driven.


This gives us the leverage of offering businesses a next-gen BaaS platform with a seamless customer experience across channels.”

said Barani Sundaram, Co-founder and CTO at Inypay.

What sets Inypay apart from incumbent banks?

Legacy banks have failed to make a profitable business model from the market of underserved because of their small ticket size and high cost of customer acquisition.

The traditional underwriting model doesn’t work with this segment and manual collection of repayment is expensive.

The big question is how can Inypay, a new fintech startup afford to serve this small ticket size?

The answer lies in the advanced data tech and AI-driven underwriting systems that use alternate credit scoring along with automated smart collection processes coupled with the agility and innovation of a high-performing startup team.

Arivuvel Ramu, Founder and CEO of Inypay

Arivuvel Ramu

“We’re here to drastically improve the lives of the underserved and unbanked by building a legendary financial institution in Southeast Asia with an estimated value of US$ 2B by 2026.”

said Arivuvel Ramu, Founder and CEO of Inypay.

With over 20 years of experience especially in fintech, Ramu successfully led digital transformation programmes for banks across Southeast Asia, Middle East, and North America.

He was also the Group Chief Technology Officer behind Philippines’ neobank Tonik.

“I built the first successful neobank in the Philippines with a digital engagement platform. Now, it’s time to build Asia’s first financial experience platform and my team is my superpower”,

added Ramu.

What lies ahead for Inypay

Inypay plans to launch its B2C micro lending driven platform for the Singapore market in Q2 2023 which will include educational, emergency, and medical credit.

The team is currently in the process of applying for a payment license from the Monetary Authority of Singapore (MAS).

The company’s next step would be to launch Inybank Philippines in Q1 2024.

Additionally, Inypay has raised a pre-seed round of US$ 1 million in September 2022.

The soon-to-be-launched neobank said that it strongly believes that with this investment it will be able to build a successful retail and SME financial experience platform in the next two years.

Inypay is set to raise its seed funding round in the coming months. The company said that it is already attracting attention from investors and partners.

For more information, interested investors and partners can visit the Inypay website or directly get in touch with the CEO Arivuvel Ramu at