AngelBay, StartupLab back blue-collar workers focused fintech platform Zenpay

Zenpay, a startup offering banking solutions for small and medium enterprises employing blue-collar workers, has raised an undisclosed amount of funding led by angel networks AngelBay and The StartupLab.   A slew of angel investors such as Pavitra Walwekar and Naresh Vigh of Kudos Finance, Ashish Mittal, founder of Smart Kitchen, Nitin Agarwal, founder of B21, Anant Aggarwal, managing director, Viney Equity Market and Raghav Singhal, director, Om Logistics Ltd have participated in the round.   The company said it will use the fresh capital to strengthen its technology and expand its sales team.   “Zenpay Solutions is driving the development of a much richer, broader financial technology ecosystem that goes well beyond banking to include the Rural and Blue Collared Workforce. Our products will create the much-needed affordability for blue-collar workers, and allow us to build digital banking solutions for individuals who may not have had access otherwise,” Ankit Bhargava, founder & CEO of Zenpay Solutions.   The company helps blue-collar employees working with SMEs and MSME to receive digital payments via a salary account. It offers customers a salary card, a digital salary account, and a mobile application, which helps them manage their finance with the help of the interactive dashboard.   Zenpay claims to have opened salary accounts for 1.5 lakh customers so far, mostly from semi-rural and rural regions. It works with over 750 clients and claims to have processed over Rs 600 crore in transaction volume.

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