What problem are you trying to solve?
Every year, millions of people around the world fall back into poverty due to health problems, financial setbacks, and other shocks. Compounding this situation is the fact that the majority of those living in or near poverty lack even the most basic banking services. Effective tools for saving, sending, and borrowing money and mitigating financial risks can help people weather setbacks and achieve greater financial stability over the long term.
In India, nearly 98% of small & micro merchants have never received institutional finance. Most poor households operate almost entirely in the cash economy, particularly in the developing world. This means they use cash or informal providers (such as money lenders and payment couriers) to meet their financial needs. However, these informal mechanisms can be insecure, expensive, and complicated to use. And they offer limited recourse when a major problem arises, such as a serious illness in the family or a poor harvest.
What is your solution to this problem?
ftcash provides a software and hardware based full-stack payment solution to small merchants to initiate digital payments in less than 5 minutes. In addition, ftcash uses its proprietary algorithm to understand the credit-worthiness using their transaction flow data on the payments platform along with several other data points including psychometric analysis, which can be leveraged to provide these underserved SMEs with institutional finance. After disbursement of loans, the collections is done using the payments platform for their future receivables.
What is your latest update on your innovation?
Vaibhav Lodha and Sanjeev Chandak were awarded by HRH Prince William and Kate Middleton as a winner at the UK Trade and Investment – Great Tech Initiative for work idea in financial inclusion. Most notably, ftcash was recognized for its work in financial inclusion by President of India at Pitch@RB, TechCrunch Disrupt Battlefield,
Berlin, Singapore Fintech Festival and Abu Dhabi Fintech Festival. The company has also won several other accolades that include Mastercard Global StartPath, IBM Fintech Smart Camp, Red Herring Asia 50, NTT Data Open Innovation, IIM Ahmedabad CIIE-IIFL Fellowship, KPMG Hot 100 Startups, NASSCOM Emerge 50, iSPIRT InTech 50, The Fintech20 India, mBillionth Award South Asia, ISB-SAP Social Enterprise Jumpstart, Action for India 100, Village Capital Program among other accolades.