Mysa Bags $2.8 Mn To Help Businesses Streamline Financial Operations

SUMMARY

The Bengaluru-based startup aims to deploy the fresh capital in building platform capabilities, accelerate customer growth and talent acquisition

Mysa has successfully obtained a Registered Investment Advisor (RIA) license from the Securities and Exchange Board of India (SEBI)

The fintech company has also launched its unified finance and banking platform to develop an AI-enabled management product

B2B fintech startup Mysa has raised $2.8 Mn (around INR 24 Cr) in its seed funding round led by Blume Ventures, along with a participation from a host of investors, including Emphasis Ventures (EMVC), Antler and Neon Fund among others.

The Bengaluru-based startup aims to deploy the fresh capital in building platform capabilities, accelerate customer growth and talent acquisition.

Besides, the fintech company has also launched its unified finance and banking platform to develop an AI-enabled management product, which will help businesses to manage their cash.

“As part of our ambitious roadmap, Mysa has successfully obtained a registered investment advisor (RIA) licence from the Securities and Exchange Board of India (SEBI),” Mysa cofounder and chief executive officer Arpita Kapoor said.

The startup has partnered with Yes Bank to provide current account operations, focusing on businesses with annual revenue or expenses between INR 10-300 Cr.

Founded by Kapoor and Mohit Rangaraju in 2023, Mysa provides finance automation, SaaS and financial services to mid-sized businesses. It also leverages AI-based invoice processing, automated accounting/taxation and seamless payments via partner bank accounts for new-age private limited businesses.

Till now, Mysa was being operated through a closed beta version with select businesses. It claims to have onboarded companies including DPDZero, Kouzina, Swish and Rigi.

This comes at a time when Indian B2B fintech space is getting a lot of traction from the investors. For instance, in December last year, Mumbai-based Snapmint raised $18 Mn in its Pre-Series B funding round in a mix of debt and equity.

Around the same time, Mintifi raised a total of $180 Mn (over INR 1500 Cr) in its Series E funding round, co-led by Teachers’ Venture Growth (TVG) and Prosus. This deal was a mix of primary and secondary transactions.

As per an Inc42 report, India is home to 26 fintech unicorns and 37 soonicorns. The segment has raised more than $29 Bn in funding since 2014.