Wednesday
May 8
2019

Micro-Lending Startup Ftcash Raises $7.23 Mn Series A Funding

By Bhumika Katri

Mumbai-based micro-lending startup Ftcash has raised $7.23 Mn (INR 50 Cr) in a Series A round of funding. The round has been led by two new investors, Dutch development finance institution FMO and US-based non-profit investor Accion International.

Further, its existing investor VC fund IvyCap Ventures has also participated in the round. With this round, the total funding raised by Ftcash has reached $10.2 Mn.

Founded in 2015 by Sanjeev Chandak, Deepak Kothari and Vaibhav Lodha, Ftcash provides short-term loans to merchants. The startup plans to use the funds to accelerate product development and drive its expansion efforts.

Photo courtesy of Meena Kadri.

Source: Inc42 (link opens in a new window)

Categories
Finance
Tags
Accion, development finance, emerging markets, financial inclusion, funding, MFIs, microlending, MSMEs, startups