BackspaceTech raises $450K USD in pre-seed round

Backspace Tech has announced that it has raised $450 K 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.

BackspaceTech, founded by Praveen Krishna Dev, Vishwanath Vijayan, and Karthick Sivaram V, is a fintech startup building SaaS products for financial institutions to solve disputes and chargebacks on UPI & Card Payments. Their roadmap is to become a Banking service provider in the Global market and redefine the banking backend system.

The fresh round of funds will be used to strengthen the technology stack, team expansion, and for Go To Market.

From Backspace Tech, their product will be solving the challenges of Issuer Banks as well as Acquirer Banks, in the entire process of disputes & chargebacks by bringing technology and automation through SaaS, which no one has provided before, globally.

In such a huge space, they are providing cost-effective, lower TCO, and a faster GTM by incorporating all compliance and regulations, packaged with the latest tech stack and cloud-native. This will help banks and Fintech to reduce their efforts from Customer Support & Retail Branches in handling the disputes.

Backspace Tech’s product can be subscribed on a yearly subscription with strategic plans, which also include volume-based pricing.

From Backspace Tech, some of the leading banks have been connected in terms to adopt UPI disputes on priority and along with Cards disputes on future releases. Fintech like Ippopay has shown interest as it can solve the ODR regulation from NPCI.

Commenting on the same, Praveen Krishna Dev, Co-Founder of Backspace said, “Erase History. Create Innovation. - that’s how Backspace Tech started. In order to make anything a reality, you have to dream about it first. At the same time dreaming alone will not take you heights, you need people around, carrying similar thoughts, goals & visions. A Co-founder relationship is more fragile than a life partner, make sure to handle it with care. We are not just founders, not just friends, a chosen family for 3 Decades.”

Globally the Banking system is dependent on very few products available, and we want to give them more. Our current fundraise is a kick start to the vision of building BaaS including disputes, Lending & other Core Banking Products

Mohan K, Co-founder, and CEO, IppoPay said,” Being in the fintech industry, particularly in payments for a long time, I know very well there is a huge gap in UPI & Cards dispute management. Backspace Tech is exactly solving the pain point on Chargebacks & Disputes through technology, which made me excited to travel with Backspace Tech’s startup journey.”