As businesses increasingly go digital and cross-border trade becomes more widespread, it has become essential for merchants and service providers to offer convenient, secure and comprehensive payment methods to attract and retain consumers online. .
Example this. A 2019 study found that 54% of online shoppers abandon their cart due to the length of the checkout process, requiring them to create an account with the merchant. While another study in 2020 noted that 42% of US consumers stop shopping if their preferred payment method is unavailable.
As digital businesses expand into new markets, it’s critical to integrate multiple payment methods, accept local currencies, and provide consumers with a seamless payment experience. But building all of these can require huge investments and the hiring of skilled developers.
International payment stack
This is where inai Technologies, a Chennai-based fintech SaaS start-up comes in. A no-code platform, inai helps Indian businesses scale their businesses globally by enabling them to launch, manage and scale an international payments stack in minutes.
“We enable digital businesses to start and accept payments from six continents in just 60 minutes. This is our USP,” said Karthik Narayanan, CTO and Co-Founder, inai Technologies.
“Supposing a business wants to collect payments from multiple countries, each of the countries will have 2-3 payment gateways in addition to major payment methods such as debit card, credit card and online banking, etc. You have to write custom code to integrate each of these payment methods, but we have summarized all of this under one interface,” he added.
Founded by serial entrepreneurs Anantharaman Pattabiraman and Karthik Narayanan in March 2021, inai is part of Y Combinator’s Summer 2021 cohort for startups.
A comprehensive payments integration provider, inai provides payment solutions to industries such as e-commerce, digital content, edtech, gaming, film, travel and marketplace. It currently serves merchants operating in India and Southeast Asia.
“We focus on the B2C side of payments, especially those accepting payments from multiple geographies are our sweet spot,” said Anantharaman Pattabiraman, CEO and co-founder of inai Technologies.
Over the past three months, inai’s monthly recurring revenue (MRR) has grown 30-fold. “We have very good visibility on MRR growth for the foreseeable future,” Pattabiraman said.
inai currently has three different plans: start-ups, growth companies and a business plan. Its payment solutions are available in three different methods, including the no-code method (for non-engineers to build payment gateways without the need to write codes), the low-code method (with a minimum need for writing code) and an appropriate coding method (built for companies that have in-house payment technology teams).
Fund raising
In September 2021, inai raised $4 million in a funding round led by Paua Ventures and 9Unicorns. The startup will use the funds to strengthen its technology team, expand its product portfolio, and bolster its sales and marketing team.
“Currently we have about 26 members and we plan to double that number in the next 2 quarters,” Narayanan said.
Published on
April 17, 2022
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