ftcash is a fast growing financial technology company which aims to empower micro-merchants and entrepreneurs with the power of electronic payments and loans with zero upfront cost and no monthly rentals. Merchants are able to offer their customers multiple payment methods including credit cards, debit cards, net banking, mobile wallets, PayPal and more. ftcash helps businesses avail working capital loans through its proprietary credit and risk assessment tools.
ftcash was launched in mid-June 2015 by Sanjeev Chandak, Deepak Kothari and Vaibhav Lodha. Sanjeev, an alumnus of IIT Kharagpur and Wharton Business School was last working as Dy. CFO at Deutsche Bank in India. Deepak, a Chartered Accountant by profession, was working as a management consultant with KPMG and Vaibhav, a Harvard alumnus, was working as a Director with XPRIZE.
First UPI platform enabled for micro merchants
Mobile payments and loans start-up ftcash, backed by IvyCap Ventures, is the first fintech startup to launch Unified Payment Interface (UPI) for merchants in association with ICICI Bank. Now you can pay a vegetable vendor who sells on the sidewalk or your newspaper vendor using UPI.
ftcash is a virtual POS for micro-merchants to accept payments through credit cards, debit cards, wallets such as Freecharge, Mobikwik, PayPal etc. UPI is the latest addition to this open architecture platform. Sanjeev Chandak, CEO, ftcash said “Open architecture allows us to provide multiple payment option to the customers. With UPI integrated in association with ICICI, we are able to provide flexibility to our 5,000+ merchants to accept electronic payments at a lower cost and better convenience. ftcash aims to empower 60+ million micro-merchants such as milk vendors, newspaper agents, kirana stores, etc. with the power of digital payments and loans. With the potential ease of use provided by the UPI platform, digital payments may finally be adopted in a big way in India”.
ftcash is an IvyCap investee company and Vikram Gupta, Founder & Managing Partner of IvyCap has been very optimistic on how ftcash is enabling digital payments & loans at small merchant locations “ftcash has shown tremendous growth and drive since we have invested in the company. Their focus on small merchants who do not have adequate ways to get payments despite follow-ups or create credit history, has made them a pioneer in the fintech industry. They continue to solve the real needs of their target segments, and have expanded into the less addressed credit market for small merchants. Enabling UPI on their platform will add to the already comprehensive payment solutions that they offer. We will continue to support them to scale their business”.
ftcash, launched in mid-June 2015 by Sanjeev Chandak, Deepak Kothari and Vaibhav Lodha, has grown 12X in the last six months. They were notably awarded by Prince William and Kate Middleton during their India visit earlier this year as part of the UK Trade and Investments Great Tech Awards.
The National Payments Corporation of India (NPCI) started working on UPI in February 2015 and announced its launch in April this year. UPI builds on the Immediate Payment Service (IMPS), which is used by banks for real-time transfer of cash.
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