Mobile Payments platform “Ftcash” raises undisclosed seed funding from 500 Startups & IvyCap Ventures

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Ftcash is a mobile payments platform for retailers

Mumbai-based Ftcash has raised undisclosed seed funding from 500 Startups and existing investor IvyCap Ventures. The company plans to use the funds raised for product development, hiring and merchant acquisition.

Ftcash was Founded in 2014 by Sanjeev Chandak, Deepak Kothari, and Vaibhav Lodha. It is a mobile payments platform which allows offline retailers to accept mobile payments, advertise and engage customers. Ftcash currently aggregates payment solutions for over 25,000 merchants and also offers them loan products. It further plans to scale to $233 Mn worth of annual transactions.

It provides solutions for micro-merchants to accept payments through multiple payment instruments including debit cards, credit cards and mobile wallets.  It had also been selected by PayPal to join its incubator in Chennai late 2015.

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Payments can be collected through Whatsapp, SMS, Email and  Facebook. Customers can also donate to temples using the app.

Sanjeev Chandak, co-founder and CEO of FTCash said..

“500 Startups and IvyCap support will enable us to further accelerate our business growth, drive our expansion plans and scale up operations in Mumbai, Surat, Jaipur, and Pune.”

In March last year, the company had raised $1 million from Ivycap Ventures, Tracxn Labs and Singapore Angels.

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