Mumbai-based Nomisma Mobile Solutions Pvt. Ltd, which owns digital payments and loans platform Ftcash, said on Friday it has raised Rs 50 crore ($7.1 million) in a Series A round of funding led by US non-profit firm Accion International and Dutch development bank FMO.
Previous investor IvyCap Ventures also participated in the funding round, said Ftcash in a statement.
News of the development comes a day after a person in the know told VCCircle that FMO has committed an undisclosed amount to Ftcash.This is the second fin-tech bet by FMO in India. In 2013, it backed Mumbai-based Electronic Payment and Services Pvt. Ltd.