Fintech startup Backspace Tech announced that it has raised $450K USD from strategic investors. The names include Mohan K & Jai Kumar, founders of Ippopay (Fintech), Omar Bin Brek, UAE-based founder of Foloosi (fintech) along with M2P founders and other angel investors.
Backspace Tech, founded by Praveen Krishna Dev, Vishwanath Vijayan and Karthick Sivaram V, is a fintech startup building SaaS products for financial institutions to resolve UPI and card payment disputes and chargebacks. Their roadmap is to become Banking as a service provider in the global market and redefine the banking system.
The fresh round of funding will be used to strengthen the technology stack, team expansion and for Go To Market.
From Backspace Tech, their product will solve the challenges of issuing banks as well as acquiring banks, in the entire process of disputes and chargebacks by bringing technology and automation through SaaS, which no one has provided before, globally.
In such a large area, they offer cost-effective, lower TCO and a faster GTM by including all compliance and regulations, packaged with the latest technology stack and cloud-native. This will help banks and Fintech to reduce the effort of customer support and retail departments to handle the disputes.
Backspace Tech’s product can be subscribed to on an annual subscription with strategic plans, which also includes volume-based pricing.
From Backspace Tech, some of the leading banks have been connected to and in terms of adopting UPI disputes on priority and along with card disputes on future releases. Fintech such as Ippopay has shown interest as it can solve the ODR regulation from NPCI.
Commenting on the same, Mr. Praveen Krishna Dev, Co-Founder of Backspace said: “Erase history. Create innovation. – that’s how Backspace Tech started. To make something come true, you must first dream about it. At the same time, dreaming alone will not take you to heights, you need people around, who carry similar thoughts, goals and visions. A co-founder relationship is more fragile than a life partner, be sure to handle it with care. We are not just founders, not just friends, a chosen family for 3 decades.”
Globally, the banking system depends on very few available products, and we want to give them more. Our current fundraising is a kickstart to the vision of building BaaS including disputes, lending and other core banking products
Mr. Mohan K, Co-Founder and CEO, IppoPay said“Having been in the fintech industry for a long time, especially in payments, I know very well that there is a huge gap in UPI & Cards dispute management. Backspace Tech precisely solves the pain point of chargebacks and disputes through technology, which excited me and to travel with Backspace Tech’s startup journey.”
About Backspace Tech
Fintech Startup working to bring an easier way for banking products into the SaaS market. Our first chargeback and dispute management product can help financial institutions such as banks and acquirers handle any volume. Our platform is set up with a large framework that is pre-designed and provides business users with configurable case management rules. The easiest and fastest application development from customization to implementation with low maintenance costs.
