Microlending startup ftcash received non-banking financial company (NBFC) licence from the Reserve Bank of India (RBI).
With the licence now in place, the fintech player plans to disburse loans worth INR 100 crore during the current fiscal year. “Despite the government announcing several measures to improve credit availability for the stressed MSMEs segment, nearly 80% of India’s total MSMEs lack lending access.” According to ftcash, the licence will allow the startup to bridge the credit gap while offering loans with minimal documentation. Since its inception, the startup has raised $10.2 million in funding from investors including Accion, the Dutch Entrepreneurial Development Bank, and venture capital firm IvyCap Ventures.