Build financial products that your customers love.
Hypto has raised USD 3Mn to build tech infrastructure for developers to power new financial use-cases. Hypto, a tech infrastructure platform focused on deconstructing financial products for developers , has raised $3 million in seed funding led by Stellaris Venture Partners with participation from 3one4 Capital and Core 91. The round also saw participation from prominent angel investors including Amrish Rau (CEO, Pine Labs) and Jitendra Gupta (CEO, Jupiter).
Let me break it down:
What is tech infrastructure — AWS abstracted the concept of ‘storage’ + ‘compute’ and virtualized physical servers and put it on the cloud. Every company that went online required a server that was capable of performing storage and compute services. So, AWS was actually reducing the effort for developers to create value. They took away the tasks that they considered to be primitive and required every developer to re-build from scratch.
We believe anything that requires developers to spend a significant amount of time re-building things from scratch that are solved is something that needs to be automated. And when there are a substantial number of developers who build the same thing again and again, then it needs to be delivered to them as an Infrastructure as a Service. We are empowering developers to forget about managing tech infrastructure for certain use cases and focus on creating value for their end users.
“Hypto believes assemble, don’t re-build (stuff that works)”
For developers — We are an engineering led company building web services for developers. We are inspiring developers to take charge of a world where they can assemble software rather than build it from scratch.
We envisage a world where developers do not have to re-invent the wheel again and again for use cases that are already solved. We would be open sourcing our work as well so that if someone comes up with a better way to solve an existing problem, it helps everyone right away.
When Amazon moved to a services based architecture, they did not envisage AWS being used for a product like Uber or Airbnb or Netflix. They built the infrastructure as primitive components that are generic and could be assembled into multiple creative ways to solve unique problems no one had thought of.
“Hypto believes assemblers will lead to an explosion of use cases!”
By building out infrastructure as a service, developers can forget about managing, optimizing, scaling up the features that are fully managed by us. We understand that developers want to focus on solutions and not bottlenecks. We bring our expertise to creating fully managed, highly scalable, low latency web services and abstract out the systems that are potential bottlenecks for developers.
To power new financial use-cases — What is the last financial product that was created by any financial institution prior to cryptocurrency (even then cryptocurrency is technically not a financial product but a better way to implement an existing product, hence the name currency). You would actually have to go back 50 years to the advent of the credit card to look at an innovative new financial product.
Finance has always been a slow mover in technology adoption and we are here to change that.
We are building the primitive infrastructure components that can power new use-cases in finance to be created. So, what the primitives? How are we defining them.
Finance is anything related to do with value — this is the basic axiom that we start with. And when we say value, we are abstracting what value means in code by giving it configurable properties that can account for all past definitions of value and potential future meanings of value. Just to give an example, mutability, fungibility, divisibility, perishability would all be properties of the value that we allow in our service.
So, how would this translate into a real-world use case. If a neo-bank in the US wants to launch an app in Europe, then automatically they have to start handling multiple currencies and make multiple changes to their backend systems. And we know for a fact, making changes to existing production systems at scale and running migrations is a complicated process no developer wants to do if they have a choice.
By providing the concept of value as a service and defining what value means through configurable properties, we are able to abstract this complexity and effort from developers who want to launch multi-currency support. A developer or an engineering manager need not worry about the effort estimate, impact to existing customers, business potential and other opportunity cost problems since, our service will help developers iterate much faster (get from a 10 week effort to launch a POC, to <1 week) and go-live without worrying about scaling issues.
So, when you build around the concept of value as the single primitive unit, how would the services look like -
We believe that primitive web services for finance will enable developers iterate 10x faster and launch new use cases and products 5x faster.
By reducing the time to innovate exponentially, we want to inspire every developer to build their own set of financial products which are at the cutting edge of technology. It’s a lofty goal and we are not afraid of it!
If you find this vision exciting and want to help inspire the next set of developers create innovative financial applications, write to us at bestdaysofyourlife@hypto.in
You can read more about us:
Website: https://www.hypto.in
Who are we: https://www.hypto.in/who-are-we
Life at Hypto: https://www.hypto.in/life-at-hypto
Hypto stories that help you understand who we are: https://medium.com/hypto
Our existing product that processed over $2Bn monthly: https://www.hypto.in/payment-aggregator
Open positions: https://www.hypto.in/life-at-hypto#Job-Positions
