Lending Startup ftcash Receives NBFC License, Aims to Loan Rs 100 Million Worth

To PTI IST (Public)

The Mumbai-based company uses proprietary algorithms to analyze the creditworthiness of borrowers. It caters to underserved SMEs (Small and Medium Enterprises) such as retailers, pharmacies, clothing stores, auto shops, and independent stores.

Lending startup ftcash announced Tuesday that it has received a license from the Reserve Bank of India (RBI) to set up a non-bank financial company. According to the release, ftcash aims to pay off a loan worth Rs 10 crore in this financial year.

The Mumbai-based company uses proprietary algorithms to analyze the creditworthiness of borrowers. It targets underserved SMEs (Small and Medium Enterprises) such as retailers, pharmacies, clothing stores, auto shops, and independent stores.

Founded in 2015 by Sanjeev Chandak, Deepak Kothari and Vaibhav Lodha, the company partners with Northern Arc, Ugro and Ambit to provide credit to their customers.

“We currently have over 60,000 merchants in our network and have disbursed loans worth Rs 60 crore to date. Director and Chief Executive Officer Chandak said.

He said nearly 80% of all MSMEs in India lack access to financing.

“The NBFC license allows us to close this credit gap while offering loans with minimal documentation and the option to repay daily in daily installments via PoS (point of sale),” said Chandak. said.

To date, the company says it has raised $10.2 million (over Rs 8.3 billion).

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