Prepaid card solution provider, BizPay, has successfully raised an undisclosed sum in a Seed funding round led by Inflection Point Ventures. The infusion of funds will be allocated with a strategic approach, utilizing 20% for product development, 60% for marketing efforts, and the remaining 20% for various other purposes.

Founder of BizPay, Mikdad Saleem Merchant, highlighted the motivation behind the venture, stating, “The employee expenses outside the office were a significant source of errors and losses. Delayed or missing reimbursements caused frustration for employees, while lack of visibility and control led to overspending. To address these pains and empower businesses, we founded BizPay. By integrating a comprehensive software suite with corporate cards, digital wallets, and travel management Solution, BizPay emerged as the solution to track spends, curb wastage, and drive substantial savings for businesses of all sizes.”

While currently operational in India, BizPay has set its sights on expanding into the Middle East and North Africa markets. The company aims to extend its innovative expense management solutions to a global audience, as stated in an official announcement.

Vikram Ramasubramanian, partner at Inflection Point Ventures, expressed enthusiasm about supporting BizPay’s endeavor to reshape the corporate expense management landscape in India. He lauded the innovative fusion of prepaid cards and advanced SaaS software as a transformative solution, providing businesses with streamlined expense processes, actionable insights, and compliance assurance. Ramasubramanian affirmed Inflection Point Ventures’ excitement to collaborate with BizPay in their pursuit of efficient and insightful corporate expense management.