Lending start-up Ftcash has raised ₹50 crore in a Series A round led by two new investors — Dutch development finance institution FMO, and Accion International, a US-based non-profit investor focused on fintech start-ups — a senior executive told ‘Mint’.
Its existing investor, homegrown venture capital fund IvyCap Ventures, also participated in the round. It last raised an undisclosed amount in its pre-series A round in June 2017 from IvyCap and 500 Startups, a Silicon Valley-based early-stage venture capital fund.
Ftcash currently acts a platform for lenders and small businesses. While it does not lend from its own books, it ties up with larger lenders such as non-banking finance companies (NBFCs), and is responsible for sourcing and due-diligence, and uses technology to evaluate borrowers such as small businesses with a turnover of ₹5 lakh to ₹50 lakh, according to Sanjeev Chandak, founder and CEO of Ftcash.