A Mumbai-based FinTech startup is helping micro-merchants accept cashless payments in India. These micro-merchants and small businesses can also avail easy loans to fund their operations via the app.

ftcash has been operational in Mumbai since the year 2015 and is backed by PayPal, Ivy Ventures and others. It has 25000 merchants signed up with a growth of 30 percent month over month for the last 18 months.

- Advertisement -

ftcash offers customers the option to pay with credit/debit cards, net banking, mobile wallets, UPI, PayPal & more, simply by looking up the merchant name/number on the App. Collection of payments can also be done via WhatsApp, Facebook, Email, SMS and more by sharing a link.

There is no upfront cost or recurring payment for ftcash, unlike traditional POS devices. Merchants can start with transaction costs as low as 0.99%(+taxes) with Rs 300 setup fees.

While all of these features are also available with other apps such as PayTM; what makes it unique currently is the loan facility. Co-founder Vaibhav Lodha, demonstrated ftcash on-stage today at TechCrunch’s Startup Battlefield. According to him, ftcash collects and makes available transaction flow data and psychometric analysis which helps the lenders to have a credible risk score for the merchants.

Merchants using the loan facility from ftcash can avail a loan amount of two times their transactions on ftcash. The loan process is completely digitalized, collateral-free with flexible repayment options. ftcash has collaborated with over 10 banks and financial institutes in India for streamlining the process. The interest rates are between 18 to 30 percents.

ftcash has over $80M+ yearly transaction from the merchants and has processed over 1000+ loans applications with a delinquency rate of less than 2 percent, according to Mr Lodha. The app is targetted towards the 60M+ SMEs in India with a $300 billion-plus market share.

Based on its success in India, ftcash also has plans to expand internationally and is looking at Southeast Asia, the Middle East and Latin America as possibilities.

With PayTM introducing its own PayTM Payments Bank recently; ftcash may see a worthy competitor in this segment in the near future.

Read More:

For more tech news, updates, deals and reviews, follow ReviewEstate on Twitter and Facebook.