Bangalore based mobile payments solution provider iKaaz has raised seed investment from a group of angels led by Ananda Kallugadde. This is the first external investment that the startup has received.
The company wants to use the money to expand in India & Africa, its CEO Soma Sundaram said. It is also in talks with an investment banking firm to raise $5 mn in series A funding.
iKaaz has a “Tap & Pay” product portfolio targeted at banks, operators and financial institutions.The NFC based solution supports all phones, said the company.
The company was founded by former Nokia Money team in 2012. Two years after launch, Nokia shut its mobile money business in 2012.