ImpactAlpha, May 6 – Mumbai-based ftcash is supporting digital and financial inclusion for India’s 60 million small merchants, most of whom lack access to formal financial services. The company has raised 500 million rupees ($7.2 million) in a Series A equity round backed by Accion, Dutch development bank FMO and Indian venture capital firm IvyCap Ventures.
Ftcash’s runs a digital payments platform that merchants can use to transact business without cash. The company then analyzes payment data through its platform to underwrite and provide small loans and lines of credit to merchants.
“From day one, ftcash’s mission has been to bring change to the financial system so that small businesses can have faster and easier access to credit,” ftcash’s Sanjeev Chandak said in a statement.
Ftcash was launched in 2015 and incubated by PayPal. It has served 30,000 merchants.
The company’s Series A round will support geographic and product expansion. Accion will provide business support to ftcash alongside its financial investment.