Fintech startup Nimbbl said on Tuesday it had raised $3.5 million in funding from financial services platform Groww, Sequoia Capital India and Global Founders Capital (GFC).

Other investors in Nimbbl include American angel investor Amara VC, Cred founder Kunal Shah, Pine Labs CEO Amrish Rau, Jupiter founder Jitendra Gupta, Nium founder Prajit Nanu, and former Mswipe senior executive Srinivas Rao.

The Mumbai-based company was founded in October 2020 by former Citrus Pay and PayU executives Anurag Pandey and Amit Bansal. It helps businesses increase customers and revenue while reducing costs. Nimbbl, which has teams in Mumbai, New Delhi and Bengaluru, will use seed and pre-Series A funding to strengthen its product and market capabilities.

“Payment failures and checkout abandonments due to poor consumer experiences are the leading cause of lost revenue for businesses,” said Pandey, co-founder of Nimbbl. “Our technology enables merchants to provide their consumers with a personalized checkout experience, resulting in a 40% increase in payment initiations. This translates to over 6-8% revenue growth.”

Over 4,000 merchants use Nimbbl’s one-click checkout solution. Provide customers with a better Unified Payments Interface (UPI) and Buy Now Pay Later (BNPL) experience.

“With us, merchants of all sizes can get an ecosystem to manage payments, offers, payment aggregators, and settlements from a single dashboard,” said Bansal, another co-founder of Nimbbl.

A recent BCG report said digital payments in India will be worth $10 trillion by 2026, by which time two-thirds of transactions in the country will be done digitally. The total value of digital payments in 2021 is $3 trillion. Consumer payments to merchants and governments and business-to-business payments will account for 40% to 45% of this volume.