Kunal Shah’s Newtap Technologies In Talks To Raise $50-70 Mn

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Newtap Technologies, founded by serial entrepreneur Kunal Shah, is reportedly in talks to raise $50-70 million in a funding round led by global investors. The funding will be used to expand the company’s operations and launch new products. Newtap Technologies is a fintech startup that aims to simplify the process of making digital payments. The company’s flagship product, CRED, is a members-only platform that rewards users for paying their credit card bills on time. The platform has gained significant popularity in India, with over 7 million users as of early 2021. In addition to CRED, Newtap Technologies has also launched several other products aimed at simplifying digital payments and promoting financial literacy. The company plans to leverage its expertise in the fintech space to launch new products and services that cater to the evolving needs of Indian consumers. Kunal Shah, who previously founded the mobile wallet company Freecharge, is a well-known figure in the Indian startup ecosystem. He has been actively involved in the development of the fintech industry in India and is known for his innovative approach to solving complex problems. The potential funding round for Newtap Technologies comes at a time when the Indian fintech industry is experiencing rapid growth and attracting significant investment. The COVID-19 pandemic has accelerated the adoption of digital payments and other fintech services, creating new opportunities for startups in the space.