The fintech startup POP has hoisted $2.4 million in their seed round of funding led by India Quotient and a few prominent angel investors. The Bengaluru based startup has announced that it got approval as the third party from the National Payments Corporation of India (NPCI) to offer UPI payments via its POP club app.

POP also joined prominent players like Google Pay, PhonePe, WhatsApp, CRED, and Paytm as a third-party app authorised to provide UPI payments. It has already teamed up with Yes Bank and Juspay to build its UPI stack.

The freshly infused fund will help to expedite the implementation of various initiatives, including the POP UPI service that will enable users to earn POPcoins with every UPI transaction made through the app.

The fintech startup was launched in May 2023 by Bhargav Errangi. The company wants to create a network of e-commerce users which constitutes genZ and late millennials on the back of POPcoins. These coins can be used to buy a wide range of products from all major direct-to-consumer (D2C) brands in categories such as beauty, personal care, electronics, fashion, and home goods within the app.

The company had added more than 200 D2C brands to its network, including mCaffeine, HUL-owned Simple Skin Care, Adil Qadri, Anveshan, Two Brothers Organic Farms, and Epigamia.

Bhargav Errangi, Founder of POP, mentioned, “POP’s goal is to become the most sought-after go-to platform for payments and shopping for digitally active young Indians. As consumer behaviours evolve, we aim to provide innovative app experiences tailored to their interests in daily consumption.”