Mobile Payment Startup ftCash has raised an undisclosed amount of Pre-Series A funding from Silicon Valley-based early-stage venture fund 500 Startups and existing investor IvyCap Ventures. Previously, in March 2016, the startup raised Seed funding of $150K from IvyCap Ventures.
The Mumbai-Based startup was founded in 2014 by Sanjeev Chandak, Deepak Kothari and Vaibhav Lodha. Nomisma Mobile Solutions Pvt. Ltd operates ftCash a financial technology venture that supports micro-merchants, small businesses, and retail chains through mobile payments. Its aim is to enable instant offline transactions by gathering all payment gateways, including credit cards, debit cards, and mobile wallets under one channel.
Sanjeev Chandak, Co-founder and CEO, ftcash, said, “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. We are thankful to IvyCap Ventures and 500 Startups whose faith in our vision will take us a step closer to achieving our goals. Their support will enable us to further accelerate our business operations and set the stage for ftcash to establish itself as an undisputed leader in the high-growth fintech market.”
ftcash also facilitates both payments and loans for merchants and allows them to repay loans directly through the platform. The startup currently facilitates payments solutions to more than 25K merchants. It further plans to scale to $233 Mn (INR 1,500 Cr) worth of annual transactions.
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Commenting on their investment, Sheel Mohnot, Partner, 500 Startups, said, “ Indian startup 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.”