ftcash raises Rs 50 crore in Series A

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

Mumbai-based ftcash provides cash to merchants, and will use the funds raised for 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, CEO, ftcash.

ftcash had earlier raised capital from Silicon Valley-based venture capital fund 500 Startups. It had also raised close to $1 million from IvyCap, Tracxn Labs and Singapore Angels in 2016.


The company focuses on giving access to credit for informal micro merchants by using an algorithm to analyse payments and alternative data for originating loans and deducts collections directly from merchants’ digital payments.

It also matches merchants’ digital cash flows to credit due dates which increases the chances of on-time loan payments.