ftcash

paymentsmobile/digital walletp2p paymentslendingsme financing

FOUNDING YEAR: 2015
LOCATION: India
Last Update: 17/07/2020

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About

FT cash aims to power mobile payments for micro-merchants

MEDICI Analysis

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

Sanjeev Chandak

Deepak Kothari

Vaibhav Lodha

NUMBER OF EMPLOYEES

201-500

INVESTORS:

500 Startups

Accion

FMO

IVY Cap Ventures

IvyCap Ventures

MIT

Singapore Angel Network

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

BASICS

FOUNDING YEAR:

2015

LOCATION:

India

Views:

227 VISITORS | 362 VIEWS
LATEST FUNDING ROUND

$8.2 M

TOTAL EMPLOYEES
201-500

About

FT cash aims to power mobile payments for micro-merchants

Subscribe to the MEDICI Inner Circle Membership and gain access to an exclusive Slack community where you can engage in discussions with global industry experts!

MEDICI Analysis

FT cash aims to power mobile payments for micro-merchants

Focus+
Momentum+
People+
For Investors+
Other+

Innovation Programs

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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

Momentum

FUNDED

NO

TOTAL FUNDING:

$1.65 M

LISTED

NO

FUNDING SERIES
Seed Jun 2017 --- USD1.65 M IvyCap Ventures 500 Startups