The peer-to-peer payment apps, Chillr has raised $7 Million in Series A round of funding from Sequioa Capital, Blume Ventures, Uniqorn Ventures and others. Chillr is a FinTech startup that offers a peer-to-peer payment app. According to the company, it is first multi-bank payment apps in India that offers instant payment solutions.
The startup had raised $6 Million from Sequioa Capital in Series A round of funding this October. But it didn’t close this round of funding, as it was looking to raise another $1 or $1.5 Million before closing the funding round.
The company will use the freshly raised funds to strengthening its technology and team. It will also use part of its funding to acquire merchants and customers. As of now, the team of startup has 70 members, but it is looking to have up to 150 members in the team by the end of the current financial year. The startup is also hoping to partner with 30,000 merchants by the end of next year.
Sony Joy had started the company in December 2014. The Chillr app allows its users to pay the money to any people in their contact books instantly. The app is linked to the customer’s bank account, this means that you won’t need any prepaid wallet. Every transaction is authenticated by the four digit MPIN issued by the bank.
Currently, the FinTech startup serves more than 5K transactions of worth $76K per day, it is aiming to touch 100K transactions per day by the end of this year. As of now, 350K persons have installed the Chillr app and out of these 200K customers have linked their bank account to the app for instant peer to peer transactions.
Currently, customers of Bank of Baroda and HDFC bank can receive and send money via this app. Rest of the bank users can receive the money, but won’t be able to send the money via Chillr app. Chillr is planning to partner with more than 15 banks by the end of the year.