ftcash
payments . mobile/digital wallet . p2p payments . lending . sme financing
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About
FT cash aims to power mobile payments for micro-merchants
FT cash aims to power mobile payments for micro-merchants
Focus
PRODUCTS & SERVICES
A customer app which enables mobile payments at retail outlets, donates to various organizations, manage expenses, earn and redeem rewards/offers. Helps users in paying and managing their expenses by providing real-time tracking of their bills and payments.
REVENUE MODEL
The company charges a payment processing fee from the recipients.
MAIN CLIENTS
Retail consumers and SMEs
EXISTING PARTNERSHIPS
Partnership with various financial institutions.
PRIMARY PROBLEM SOLVED
ftcash enables businesses, merchants or home-based entrepreneurs in India with a feature phone or a smartphone to receive online payments securely, conveniently and cost-effectively. Our platform is built upon existing financial infrastructure of bank accounts of the merchants to create a real-time payment solution. We deliver a product ideally suited for SMEs, offline micro-merchants, remote businesses currently underserved by traditional payment mechanisms. We have removed entry barriers like upfront costs (of Point of Sale/Swipe Machines), monthly rentals, technical know-how, providing market for small businesses to sell & collect payments, manage & grow rapidly. We are converting cash to digital payments thereby creating unique transaction history which didn't exist earlier. We will provide preapproved advances/loans which can be disbursed at the click of a button and which can be uniquely paid back from their daily transactions, something like a daily EMI. While the proliferation of whatsapp and facebook has transcended from metros to cities and even villages we believe ftcash will be the enabler for them to accept electronic payments and access to institutional finance. We believe that it's time "The Missing Middle" comes of age and gets access to better health, education and nutrition through financial inclusion.
COMMENT
Enables offline transactions quickly by aggregating all payment gateways including credit cards, debit cards and mobile wallets under one channel.
People
FOUNDERS
Deepak Kothari
Vaibhav Lodha
NUMBER OF EMPLOYEES
201-500
INVESTORS:
KEY EMPLOYEES:
Sanjeev Chandak (CEO)
Momentum
FUNDED
YES
TOTAL FUNDING
$8.2 M
DATE OF LAST FUNDING
May 2019
TOTAL FUNDING COMMENT
The new funds will be used for product development and merchant acquisition as well as for hiring.
SEED & PRIOR FUNDING
$1 M
SEED CLOSED ON
Jun 2017
FUNDING SERIES
SERIES A · $7.2 M · May 2019
LISTED
NO
COMMENT
The company has won the MIT Inclusive Innovation Challenge 2018.
For Investors
FUNDING NEEDED:
$40 M
MONTHS LEFT WITH CURRENT CASH BURN RATE:
6 months from 7 Sep, 2017
Innovation Programs
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FOUNDING YEAR:
LOCATION:
Views:
$8.2 M
About
FT cash aims to power mobile payments for micro-merchants
ftcash
About
FT cash aims to power mobile payments for micro-merchants
Focus
PRODUCTS & SERVICES
ftcash is one of India’s fast growing financial technology venture, recognized by Forbes, which 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. ftcash 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. Additionally, ftcash creates unique and proprietary transactional data which can be leveraged to provide institutional finance to these merchants.
REVENUE MODEL
The company charges a payment processing fee from the recipients.
TOP PROBLEM SOLVED
ftcash enables businesses, merchants or home-based entrepreneurs in India with a feature phone or a smartphone to receive online payments securely, conveniently and cost-effectively. Our platform is built upon existing financial infrastructure of bank accounts of the merchants to create a real-time payment solution. We deliver a product ideally suited for SMEs, offline micro-merchants, remote businesses currently underserved by traditional payment mechanisms. We have removed entry barriers like upfront costs (of Point of Sale/Swipe Machines), monthly rentals, technical know-how, providing market for small businesses to sell & collect payments, manage & grow rapidly. We are converting cash to digital payments thereby creating unique transaction history which didn't exist earlier. We will provide preapproved advances/loans which can be disbursed at the click of a button and which can be uniquely paid back from their daily transactions, something like a daily EMI. While the proliferation of whatsapp and facebook has transcended from metros to cities and even villages we believe ftcash will be the enabler for them to accept electronic payments and access to institutional finance. We believe that it's time "The Missing Middle" comes of age and gets access to better health, education and nutrition through financial inclusion.
INTELLECTUAL PROPERTY
Patent(s) not Filed
PRODUCT DEVELOPMENT STAGE
V2.0 or BEYOND
PRIMARY CUSTOMER TYPE
Small and Medium Business - Physical Retail
Small And Medium Business - Other
PRODUCT ATTRIBUTES
Back Office
People
FOUNDERS
Deepak Kothari
Vaibhav Lodha
KEY EMPLOYEES:
CEO, FOUNDER: Sanjeev Chandak
CTO: Sanjeev Chandak
employee: Sanjeev Chandak (CEO)
FOUNDER: Deepak Kothari
FOUNDER: Vaibhav Lodha
INVESTORS:
Momentum
FUNDED
NO
TOTAL FUNDING:
$1.65 M
LISTED
NO
FUNDING SERIES
Seed --- Jun 2017 --- USD1.65 M IvyCap Ventures 500 StartupsSubscribe to the MEDICI Inner Circle Membership and gain access to an exclusive Slack community where you can engage in discussions with global industry experts!
FT cash aims to power mobile payments for micro-merchants
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ftcash
About
FT cash aims to power mobile payments for micro-merchants
Focus
PRODUCTS & SERVICES
ftcash is one of India’s fast growing financial technology venture, recognized by Forbes, which 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. ftcash 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. Additionally, ftcash creates unique and proprietary transactional data which can be leveraged to provide institutional finance to these merchants.
REVENUE MODEL
The company charges a payment processing fee from the recipients.
TOP PROBLEM SOLVED
ftcash enables businesses, merchants or home-based entrepreneurs in India with a feature phone or a smartphone to receive online payments securely, conveniently and cost-effectively. Our platform is built upon existing financial infrastructure of bank accounts of the merchants to create a real-time payment solution. We deliver a product ideally suited for SMEs, offline micro-merchants, remote businesses currently underserved by traditional payment mechanisms. We have removed entry barriers like upfront costs (of Point of Sale/Swipe Machines), monthly rentals, technical know-how, providing market for small businesses to sell & collect payments, manage & grow rapidly. We are converting cash to digital payments thereby creating unique transaction history which didn't exist earlier. We will provide preapproved advances/loans which can be disbursed at the click of a button and which can be uniquely paid back from their daily transactions, something like a daily EMI. While the proliferation of whatsapp and facebook has transcended from metros to cities and even villages we believe ftcash will be the enabler for them to accept electronic payments and access to institutional finance. We believe that it's time "The Missing Middle" comes of age and gets access to better health, education and nutrition through financial inclusion.
PRODUCT DEVELOPMENT STAGE
V2.0 or BEYOND
PRIMARY CUSTOMER TYPE
Small and Medium Business - Physical Retail
Small And Medium Business - Other
PRODUCT ATTRIBUTES
Back Office
People
FOUNDERS
Deepak Kothari
Vaibhav Lodha
KEY EMPLOYEES:
CEO, FOUNDER: Sanjeev Chandak
CTO: Sanjeev Chandak
employee: Sanjeev Chandak (CEO)
FOUNDER: Deepak Kothari
FOUNDER: Vaibhav Lodha
INVESTORS:
Momentum
FUNDED
NO
TOTAL FUNDING:
$1.65 M
LISTED
NO