Company Name : FTCash
Funding Amount : Rs 1 cr
Funding Round : Pre-Series A
Mobile payments platform FTCash has raised Rs. 1 CR in pre-series A funding from the IvyCamp platform.
The funding is primarily for aggressive customer and merchant acquisition along with product development. Founded in late 2014, the company is an early mover in this space and focuses on the long tail of micro-merchants.
It enables cashless transactions and allows the merchants / customers to use multiple payment options – wallets, cards, net banking etc., under one platform.
The core team has strong capabilities across analytics, business alliances, financial strategy consulting and operations.
Sanjeev Chandak, Co-founder and CEO of FTCash said, “Small merchants have traditionally been outside the financial ecosystem with over 80% using cash & hence limiting their ability to get loans from banks. FTCash enables electronic payment acceptance using their existing bank account and a basic mobile phone. In IvyCap, we found a perfect partner to enable faster merchant acquisition and product development to take advantage of this massive opportunity.”