ftcash

ftcash

payments | mobile/digital wallet | p2p payments | lending | sme financing
website linkedin address
  • FOUNDING YEAR: 2015
    LOCATION:
    India
    REGION:
    Maharashtra
    Last Update:
    18 Oct, 2019
    Global presence:
    India

Description

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:
Viewable by subscribers only
MAIN CLIENTS:
Retail consumers and SMEs
EXISTING PARTNERSHIPS:
Partnership with various financial institutions.
COMMENT
Enables offline transactions quickly by aggregating all payment gateways including credit cards, debit cards and mobile wallets under one channel.
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:
Viewable by subscribers only
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
Viewable by subscribers only
PRODUCT ATTRIBUTES
Viewable by subscribers only

PEOPLE


FOUNDERS:
Deepak Kothari, Sanjeev Chandak, Vaibhav Lodha
NUMBER OF EMPLOYEES:
51-200
INVESTORS:
500 Startups, IVY Cap Ventures, MIT
KEY EMPLOYEES:
Sanjeev Chandak (CEO)
FOUNDERS:
Sanjeev Chandak, Deepak Kothari, Vaibhav Lodha
KEY EMPLOYEES:
CEO: Sanjeev Chandak
CTO: Sanjeev Chandak
BOARD MEMBERS:
Vikram Gupta

TRACTION


Insufficient information for accurate analysis
LIVE USERS/TRANSACTIONS:
Viewable by subscribers only

MOMENTUM


FUNDED:
YES
TOTAL FUNDING:
$3 Millions
DATE OF LAST FUNDING:
Nov 2018
TOTAL FUNDING COMMENT:
The new funds will be used for product development and merchant acquisition as well as for hiring.
SEED & PRIOR FUNDING:
$3 Millions
SEED CLOSED ON:
Mar 2016
SEED PRIOR FUNDING COMMENT:
An undisclosed amount of fund were raised.
PRIZE MONEY:
$250 K
LISTED:
NO
COMMENT:
The company has won the MIT Inclusive Innovation Challenge 2018.
FUNDING COMPLETED:
Viewable by subscribers only
TOTAL FUNDING:
$1.65 Millions
LISTED:
Viewable by subscribers only
FUNDING SERIES:
Seed
Jun 2017
$1.65 Millions
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Investors
Viewable by subscribers only Viewable by subscribers only

FOR INVESTORS

FUNDING NEEDED
$40 Millions
MONTHS LEFT WITH CURRENT CASH BURN RATE
Viewable by subscribers only

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