[Funding alert] Mumbai-based fintech startup ftcash raises Rs 50 Cr from Accion, FMO, and IvyCap Ventures

Mumbai-based fintech startup, ftcash, on Thursday said it has raised Rs 50 crore as a part of its Series A funding round, led by global non-profit Accion and the Dutch development bank FMO. The round also saw participation from exisiting investor IvyCap Ventures.

The company said in a statement that it will be using the new round of funding to accelerate product development and to expand to newer geographies.

Founded in 2015 by Sanjeev Chandak, Deepak Kothari, and Vaibhav Lodha, ftcash provides cash advances to micro merchants, and has delivered financial services to over 30,000 merchants.

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