Ftcash raises Rs 50 Cr funding from Accion, FMO & Ivycap Ventures

Fintech startup ftcash has raised Rs 50 crore in a Series A funding round led by global non-profit Accion and Dutch development bank FMO, with participation from existing investor IvyCap Ventures.

Sanjeev Chandak, cofounder of Mumbai-based ftcash, said the money will be used for product development and expansion 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 Chandak, who is also the company’s CEO.

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