ftcash aggregates all payment methods including credit/debit cards, net banking and m-wallets to create an open platform for merchants to initiate digital payments in less than 5 minutes

ftcash — a Mumbai-based startup that aggregates all payment methods including credit/debit cards, net banking, and m-wallets to create an open platform for merchants to initiate digital payments — has received an undisclosed amount in a pre-Series A round of funding from IvyCap Ventures and 500 Startups.

The PayPal-backed fintech startup will utilise the newly-raised capital to develop products in the payment and loan categories, scale annual transactions to INR 1,500 crore (US$233 million) and disburse loans to merchants upwards of INR 150 crore (US$23.3 million). A part of the money will go into expansion and scaling up of operations in Mumbai, Surat, Jaipur and Pune.

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Launched in mid-2015, ftcash aims to empower micro merchants and small businesses with the power of digital payments and loans, only using a bank account and a feature phone. It aggregates all payment methods including credit/debit cards, net banking, various mobile wallets, UPI and PayPal to create an open platform for merchants to initiate digital payments in less than 5 minutes.

The startup 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.

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Commenting on the announcement, Sanjeev Chandak, Co-founder and CEO of 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 capitalising market opportunities is concerned.”

Sheel Mohnot, Partner, 500 Startups, said, “The 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.”

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