ftcash, a financial technology startup, has today announced that it has raised an undisclosed amount of funding in its pre-Series A round from venture capital firms IvyCap Ventures and 500 Startups.
The company says that it will utilize the newly-raised capital in developing products in the payment and loan categories, scaling annual transactions to ₹1,500 crores and disbursing loans to merchants upwards of ₹150 crores.
In addition, the startup will also use the funds to drive its expansion plans and scale up operations in Mumbai, Surat, Jaipur and Pune. It claims to have a consistent growth rate of 30-40% month-on-month.
Commenting on the announcement, Sanjeev Chandak, Co-founder and CEO, ftcash, said,
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.
Vikram Gupta, Founder and Managing Partner, IvyCap Ventures, said,
The company’s one-of-a-kind business model along with the team’s vision has displayed immense potential, leading to this long-term relationship between our firm and ftcash.
Sheel Mohnot, Partner, 500 Startups commented,
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.
ftcash aggregates all payment methods including credit/debit cards, net banking, various mobile wallets, UPI and PayPal to create an open architecture-based platform for merchants to initiate digital payments.
The company 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.
The Mumbai-based startup was founded in 2014 by Sanjeev Chandak and Deepak Kothari. It had raised $150,000 from IvyCap Ventures last year, also counts Tracxn Labs and Singapore Angels among its investors. ftcash had also been selected by PayPal to join its incubator in Chennai in late 2015.