Mobile Payment Platform FTCash Raises Pre-Series A Funding IvyCamp
FT Cash is a fast growing financial technology venture which aims to empower micro-merchants, small businesses and retail chains with the power of mobile payments. There vision is to enable offline transactions quickly by aggregating all payment gateways including credit cards, debit cards and mobile wallets under one channel. They aim to be the source of convenience in payments. We do what we do so that there is a day when ftcash transactions far exceeds cash transactions in our country.
In a recent move Mobile Payments Platform FTCash, a company that facilitates electronic payments and lends to small and micro merchants, has secured Rs 1 crore in pre-series A funding from the IvyCamp platform.
Speaking about the developments, Sanjeev Chandak, chief executive of FTCash said,
“The funding is primarily for aggressive customer and merchant acquisition along with product development. FTCash enables merchants to accept electronic payments without any additional hardware or POS device,”
The transaction data from the payment platform, FTCash, is leveraged to provide institutional finance to merchants like small dairy owners, newspaper vendors, car garages, ‘kirana’ stores, etc.
Sanjeev Chandak while further adding to this mentioned,
“These merchants are currently at the mercy of money lenders for loans. FTCash enables electronic payment acceptance using their existing bank account and a basic mobile phone,”
In view of the above development, the founder and managing partner of IvyCap Ventures Vikram Gupta said,
“FTCash funding is amongst the first few investments of IvyCap Ventures Trust Fund II and forms part of our early stage strategy, through which we have allocated Rs 60 crore for early-stage investments via the IvyCamp platform.”
This looks like a very positive turn of events for FTCash, what would be more interesting is how these funds would be utilised towards the development of the startup and its offerings.