Amazon Pay Receives $42.6 Mn From Its Parent Company

Funding Rounds

▤ Summary

This latest funding comes right after reports stated that Amazon Pay is rolling out doorstep know-your-customer (KYC) services for its mobile wallet users in line with the Supreme Court’s Aadhaar verdict. This round of funding comes in after the parent company had announced an investment of $30.35 Mn (INR 220 Cr) in the online payment services in November, 2018. According to reports, the company made the new investments in order to step up its competition from the homegrown fintech service providers such as Paytm and PhonePe. In order to strengthen its foothold in the country, Amazon Pay India Head Mahendra Nerurkar had said that the company will continue to invest in its digital payments arm over the next several months. In November, homegrown fintech platform Paytm had claimed to be the largest contributor to the volume of UPI payments in India, recording a growth of 600% in transactions in the last six months.

$ Funding

$
Amount $42.6M Total raised
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Date January 12, 2019 Announcement date
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Investors - Lead investors
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Company http://www.amazon.com Funded company

▥ Classifications

industries
Fintech & Banking
applications
Anti Piracy

◇ AskAI Classifications

Labels
SaaS Shipping Software Inventory Management Software

▦ Linked Companies

Amazon
$1B+