BharatPe, a fintech firm, on Aug.26 said it has raised $50 million (about Rs 350 crore) in its latest round of equity financing.

This was led by leading global fintech investor, Ribbit Capital and London-based hedge fund, Steadview Capital, BharatPe said in a statement.

Existing investors - Sequoia Capital, Beenext Capital and Insight Partners also participated in the round.

Having established one of the largest networks of merchants in India, connected through UPI based payment services, BharatPe has emerged as one of the fastest-growing fintech companies in the country, it said.

Within one year of launch, the company has achieved USD 1 billion annualised total payments volume (TPV) and facilitates over 18 million UPI transactions monthly, it said.