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Backspace Tech raises $450K in pre-seed round

By Leandra Monteiro

July 20, 2022

  • Backspace Tech
  • FinTech
  • Foloosi
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Backspace TechFinTech start-up Backspace Tech announced that it has raised $450K from strategic investors. The fresh round of funds will be used to strengthen the technology stack, team expansion and for Go To Market.

Funds were raised from Mohan K and Jai Kumar, Founders of Ippopay (FinTech), Omar Bin Brek, UAE-based founder of Foloosi (FinTech) along with M2P Founders and Other Angel Investors.

Backspace Tech, founded by Mr Praveen Krishna Dev, Vishwanath Vijayan and Karthick Sivaram V, is a FinTech start-up building SaaS products for financial institutions to solve the disputes and chargebacks on UPI and Card Payments. Their roadmap is to become Banking as a service provider in the Global market and redefine the banking backend system.

In such a huge space, they are providing cost-effective, lower TCO and a faster GTM by incorporating all compliance and regulations, packaged with the latest tech stack and cloud native. This will help banks and FinTechs to reduce their efforts from Customer Support and Retail Branches on handling the disputes.

Commenting on the same, Praveen Krishna Dev, Co-Founder of Backspace said, “Erase History. Create Innovation. – that’s how Backspace Tech started. In order to make anything a reality, you have to dream about it first. At the same time dreaming alone will not take you heights, you need people around, carrying similar thoughts, goals and vision. A Co-founder relationship is more fragile than a life partner, make sure to handle it with care. We are not just founders, not just friends, a chosen family for 3 Decades.

Globally the Banking system is depended on very few products available, and we want to give them more. Our current fund raise is a kick start to the vision of building BaaS including Disputes, Lending and other Core Banking Products”

Mohan K, Co-founder and CEO, IppoPay said, “Being in the fintech industry particularly in payments for longtime, I know very well there is a huge gap in UPI and Cards dispute management. Backspace Tech is exactly solving the pain point on Chargebacks and Disputes through technology, which made me excited and to travel with Backspace Tech’s startup journey.”

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