Program to provide operational support and mentorship
New Delhi, June 28, 2017: Further accentuating its position as one of India’s fastest growing financial technology start-ups, ftcash has been selected by Mastercard Start Path to participate in its annual six-month virtual mentorship program. A global effort to support later-stage fintech and tech start-ups who are shaping the future of commerce, Mastercard Start Path has played a pivotal role in shaping the successes of fintech organizations all over the world. ftcash is one of six start-ups from around the world who were selected to participate in the program’s latest wave.
Start Path was launched in early 2014 to provide operational support, commercial access, and strategic investment for start-ups across the globe building innovative solutions in financial services and commerce. The Start Path team works with start-ups using a tailored plan to deliver tangible value and help participating companies grow their businesses. The program enables startups to tap into to its global ecosystem of experts and help expand into new markets through relationships with Mastercard and its customers. Start-ups that are qualified for the program are rethinking banking, payments and commerce and have raised a significant seed or Series A round of investment. Since its launch, the team has engaged more than 130 start-ups from all over the world.
Speaking on the announcement, Sanjeev Chandak- co-founder and CEO, ftcash, said, “ftcash was established with the singular aim of facilitating swift and seamless financial transactions for Indian merchants over a digital medium, and to allow them convenient access to other financial products such as loans. Participating in the Mastercard Start Path program is a huge win for us. We look forward to receiving the knowledge and operational tools we need to further achieve our organizational goals, bolster our global client networks through the program and contribute considerably towards building a less-cash, digital-first India.”
“ftcash is transforming the way merchants and entrepreneurs can take out loans and get paid for their goods and services,” said Amy Neale, vice president, Mastercard Start Path. “By participating in Mastercard Start Path, ftcash will receive a unique mix of benefits designed to help it scale at an accelerated pace.”
Through its open architecture-based platform, ftcash aggregates all payment methods, including credit/debit cards, net banking, and mobile wallets, UPI, and PayPal for merchants to initiate digital payments in less than five minutes. Users do not need to own a smartphone or download any apps and can conveniently receive payments through a basic feature phone, which can then be transferred directly to their bank account. The company primarily serves micro-merchants, MSMEs, home-based entrepreneurs, mom-and-pop stores, and large corporate businesses with a merchant base. ftcash facilitates both payments and loans for merchants and allows them to repay loans directly through the platform. It also creates unique and proprietary transactional data, which can further be leveraged to provide institutional finance to these merchants.
One of India’s fastest growing financial technology ventures, ftcash has been established with a singular aim – to empower micro-merchants and small businesses with the tools required for convenient digital payments and loans. Founded in June 2015 in Mumbai by Vaibhav Lodha, Sanjeev Chandak, and Deepak Kothari, ftcash has been working towards extending the benefits of financial inclusion to the underserved MSME sector in India through technology. The team at ftcash comprises senior executives with a pedigree from prestigious institutes such as Wharton, Harvard, IITs, and SRCC etc, holding work experience with leading global institutions like Deutsche Bank, KPMG, Capital One, and World Bank.
Backed by PayPal and recognized by Forbes, ftcash was adjudged the winner at the UK Trade and Investment – Great Tech Initiative, receiving the award from Prince William, the Duke of Cambridge, and Catherine, the Duchess of Cambridge. The company has also won several other accolades that include IBM Fintech Smart Camp, Red Herring Asia 50, IIM Ahmedabad CIIE-IIFL Fellowship, KPMG Hot 100 Startups, NASSCOM Emerge 50, and Village Capital Program amongst other accolades. ftcash is funded by IvyCap Ventures, Singapore Angels, Tracxn Labs and several other marquee angel investors. Currently present in Mumbai, Pune, Surat, and Jaipur with a team of 100+ employees, ftcash plans to expand to 5 additional cities over the next 6 months. Its vision is simple – to leverage technology to enable differentiated MSME-centric offerings and become the No.1 financial services company for micro-merchants in India.
About Mastercard Start Path
Mastercard Start Path is a global effort to support innovative startups developing the next generation of commerce solutions today. Start Path was launched in 2014 with an objective to help startups to grow their businesses faster than they could by themselves. Startups that join the program can benefit from the knowledge of a global network of Mastercard experts, access to Mastercard customers and partners, and the ability to innovate on top of Mastercard solutions. Mastercard customers that join the program as partners get connected to the best and brightest startups and gain access to innovations from across the globe. For more information visit www.startpath.com or follow Mastercard Start Path on Twitter at @MAstartpath.
Mastercard (NYSE: MA), www.Mastercard.com, is a technology company in the global payments industry. We operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. Mastercard products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MastercardNews, join the discussion on the Beyond the Transaction Blog and subscribe for the latest news on the Engagement Bureau.