Mumbai-based fintech, CityCash which brings state of the art technology and disruptive business models to the digital payment space raises USD 1M in a seed financing round on 11th August, 2020. The round was led by an early stage venture capital fund, Orios Venture.
The company claims to utilize the funds to develop technology for deploying Open Loop National Common Mobility Cards on SoftPOS & digital ticketing solutions, expand merchant ecosystem and access over the market. Previously, the company secured investment from the Promoter of Fino Payment Bank and a fintech company, Fino Paytech. This company works for enabling the financial inclusion.
About the company
Established in the year 2017 by Vineet Toshniwal, CityCash provides multi-purpose NFC based smart cards which can be used to make an offline transaction in transit and retail while rendering a smooth tap-and-pay experience to the consumers.
The company designs operate at low cost offline and online payment tech focused on underserved space of high volume and low value micro-payments. It is creating a merchant focused payment model using its strategic alliance with various merchants, banks, technology vendors and government bodies.
Talking about the startup, Founder of CityCash, Vineet Toshniwal, explained, “The current ticketing model is high touch and requires exchange of paper tickets, coins and currencies. The need of the hour for the bus corporations is to provide cashless, contactless and COVID-safe travel experience to the consumers by adapting technology at a rapid pace. The RBI’s recent announcement of offline payments in retail will be a game changer. Transit can play a pivotal role as it can drive very fast consumer acquisition and habit change from cash to tap and pay.”
He further added that, “CityCash is uniquely positioned to create a transit-led, offline tap-n-pay ecosystem on the lines of globally successful models of HK octopus and London Oyster.
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