Mumbai-based fintech startup ftcash has raised Rs 50 crore in a Series A round led by global nonprofit Accion and the Dutch development bank FMO with follow on participation from IvyCap Ventures, an Indian VC fund.
ftcash’s new round of funding will be used to accelerate product development and expand into new geographies.
“By using transaction data for credit assessment and leveraging repayments from the ftcash payments platform, ftcash is pioneering a model that can reach 60+ million micro-merchants in India, 96% of whom have been underserved by banks and traditional finance companies,” said Sanjeev Chandak, Co-founder and CEO, ftcash. Chandak says he took his inspiration for ftcash from the large potential of MSMEs and their role in growth of the economy, evident from his days at Deutsche Bank and Capital One.
“From day one, ftcash’s mission has been to bring change to the financial system so that small businesses can have faster and easier access to credit,” said Chandak. “With this round of funding and the expertise of our phenomenal investors and advisors, we are positioned to connect millions of underserved micro-merchants to financial services that can advance their lives.”