Backspace Tech, a startup building SaaS products for financial institutions, raises $450K

Chennai-based Backspace Tech, a startup building SaaS products for financial institutions, has raised $450,000 in a pre-Seed funding round led by strategic investors -- Mohan K and Jai Kumar (Founders of IppoPay), Omar Bin Brek (founder of UAE-based fintech Foloosi), along with the participation from M2P founders and other angel investors. 

Praveen Krishna Dev, Vishwanath Vijayan, and Karthik Sivaram V co-founded Backspace Tech in 2020 to build software-as-a-service (SaaS) products for financial institutions to solve disputes and chargebacks on UPI and card payments, solving the challenges of issuer as well as acquirer banks.

The startup says it will use the raised capital to strengthen the technology stack, expand the team, and for its go-to-market strategy.

"Erase history, create innovation. This is 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, and vision. 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 three decades," said Praveen Krishna Dev, co-founder of Backspace Tech.

Speaking on the investment, Mohan K, co-founder of IppoPay, said, "Being in the fintech industry, particularly in payments for longtime, I know very well there is a huge gap in UPI and cards dispute management. Backspace Tech is exactly solving the pain point on chargebacks and disputes through technology, which made me excited and to travel with Backspace Tech's startup journey."

Backspace Tech in a statement said it is aiming to become banking as a service provider in the global market and redefine the banking backend system.

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