Riding high on a rapid growth trajectory, ftcash, financial technology ventures, has raised an undisclosed amount of funding in a pre-Series A round from venture capital firms IvyCap Ventures and 500 Startups.
The fintech start-up will utilize the newly-raised capital in developing products in the payment and loan categories, scaling annual transactions to INR 1,500 crores and disbursing loans to merchants upwards of INR 150 crores. In addition, ftcash will use the funds to drive its expansion plans and scale up operations in Mumbai, Surat, Jaipur and Pune. Maintaining a consistent growth rate of 30-40% month-on-month, ftcash, with its unique business model, has emerged as one of the most promising companies in the Indian fintech market.
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.
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.”
“Having invested in ftcash since its early stages, we have seen the company achieve remarkable growth in a very short time. 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,” said Vikram Gupta, Founder and Managing Partner, IvyCap Ventures.
Sheel Mohnot, Partner, 500 Startups commented, “The Indian start-up 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.”