New Delhi [India], June 6 : Riding high on a rapid growth trajectory, ftcash, one of India's fastest growing financial technology ventures, has raised an undisclosed amount of funding in a pre-Series A round from venture capital firms IvyCap Ventures and 500 Startups.
The fintech start-up will utilize the newly-raised capital in developing products in the payment and loan categories, scaling annual transactions to Rs.
1,500 crores and disbursing loans to merchants upwards of Rs. 150 crores. In addition, ftcash will use the funds to drive its expansion plans and scale up operations in Mumbai, Surat, Jaipur and Pune.
Maintaining a consistent growth rate of 30-40 percent month-on-month, ftcash, with its unique business model, has emerged as one of the most promising companies in the Indian fintech market.
ftcash aggregates all payment methods including credit/debit cards, net banking, various mobile wallets, UPI and PayPal to create an open architecture-based platform for merchants to initiate digital payments.
The company primarily serves micro-merchants, MSMEs, home-based entrepreneurs, mom and pop stores and large corporates with a merchant base.
ftcash facilitates both payments and loans for merchants and allows them to repay loans directly through the platform.
"We are thankful to IvyCap Ventures and 500 Startups whose faith in our vision will take us a step closer to achieving our goals.
Their support will enable us to further accelerate our business operations and set the stage for ftcash to establish itself as an undisputed leader in the high-growth fintech market," said co-founder and CEO ftcash, Sanjeev Chandak.
"Having invested in ftcash since its early stages, we have seen the company achieve remarkable growth in a very short time.
The company's one-of-a-kind business model along with the team's vision has displayed immense potential, leading to this long-term relationship between our firm and ftcash," said founder and managing partner IvyCap Ventures, Vikram Gupta.
An innovative fintech start-up leveraging technology to bring about market disruption, ftcash is backed by PayPal and has previously won several awards and recognitions across the globe for its differentiated approach.