Happay eyes 2,500 clients by the end of this fiscal year

Bengaluru-based fintech startup Happay aims to serve 2,500 clients by the end of this financial year.

Talking to DH, Happay CEO and co-founder Anshul Rai said, “Currently, we have a little over 1,500 clients from 30 industries and we intend to touch the 2,500-mark by the end of this financial year. We have customers in over 170 cities. Our clients include SMEs and enterprises that range from hospitality, education, manufacturing and hyper-local, to consulting NGOs.”

Happay is a one-of-a-kind business spends management solution that streamlines one’s expense workflow from end-to-end (expense reporting to reconciliation), and gives one real-time visibility and control over business spends.

It is an intelligent and intuitive expense management solution that offers Happay Prepaid Cards powered by Visa or MasterCard, and can easily be managed and controlled via desktop and mobile.

Recently, the company launched a new product — Happay Digital Marketing Expense Card, a prepaid card designed to track, monitor and control marketing spends and conversions on a daily, weekly and monthly basis.

The company, which employs over 200 staff,  had raised $500,000 in seed round from AngelPrime in 2015. When asked about the startup’s beginnings, Rai said, “Happay was started in 2012 with an aim of making payments a happier experience. Initially, it was a consumer-based product — focusing on P2P transfers. At that point, Happay was a first-of-its-kind platform — an agnostic product that worked on GPRS technology and allowed peer-to-peer payment solutions with mobile being the enabler.”

“By the end of 2013, the platform had more than two lakh users who were mostly college-going young students. However, we felt that the revenue model was not strong,” he said, adding, “While loading the wallet, the company would lose close to 2% as payment gateway charges. So, the company had to earn this 2%, along with our profit margin from the merchants.

As the retail industry in the country works on wafer-thin margins, it was impossible for a closed loop wallet to scale up its merchant-base to make profits. At the same time, we had requests from corporates to address their problems with payments. We realised that the gaps in corporate payments were much wider and there was no innovation in the space. Hence, we shifted our focus to B2B payments.”