Mumbai-based financial technology platform ftcash has raised an undisclosed amount of funding in a pre-Series A round from venture capital firms IvyCap Ventures and 500 Startups.
The fintech start-up will utilize the newly-raised capital in developing products in the payment and loan categories, scaling annual transactions to Rs 1,500 crores and disbursing loans to merchants upwards of Rs 150 crores, according to the release. Besides, it will use the funds to drive its expansion plans and scale up operations in Mumbai, Surat, Jaipur and Pune.
“Our business model finds its synergies in payments and loans together as a unified tool to serve and engage with small merchants. However, we have only just scratched the surface as far as capitalizing market opportunities is concerned,” said Sanjeev Chandak, Co-founder and CEO, ftcash.
ftcash aggregates all payment methods including credit/debit cards, net banking, mobile wallets, UPI and PayPal to create an open architecture-based platform for merchants to initiate digital payments. The company primarily serves micro-merchants, MSMEs, home-based entrepreneurs, mom and pop stores and large corporates with a merchant base. ftcash facilitates both payments and loans for merchants and allows them to repay loans directly through the platform.
Sheel Mohnot, Partner, 500 Startups commented, “The Indian start-up ecosystem is an exciting place for investors and VCs. ftcash has established itself as one of the most innovative companies today in the fintech sector. Through our association with the company, we aim to help the company unlock the vast market potential for its product, possibly on a global scale.”
Launched in Mumbai in mid-2015, ftcash has expanded countrywide by acquiring merchants across various segments. The team comprises of senior executives from Deutsche Bank, KPMG, Capital One, World Bank among others.
Image credit: Freepik
