CityCash raises USD 1 mln in seed funding

Friday 14 August 2020 13:22 CET | News

CityCash, an India-based fintech focused on creating transit led micropayments ecosystem, has announced the closure of its seed round of USD 1 million from Orios Venture Partners.

The infusion of new funds will be used for expanding market access, merchant ecosystem and development of technology to deploy Open-loop National Common Mobility Cards on SoftPOS and digital ticketing solutions.

The company offers a multi-purpose NFC-based smartcard that can be used to transact in an offline mode in transit and retail, rendering a tap-n-pay experience for consumers. The venture is creating an offline tap-and-pay based payments ecosystem for 200 million-plus low and middle-income consumers who use public transit and make small retail transactions. It works with the card issuer banks, bus corporation partners, and payment networks in order to establish the micropayment ecosystem.

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Keywords: payments , CityCash, India, fintech, micropayments, Orios Venture Partners, merchant, technology, Open-loop National Common Mobility Cards, SoftPOS, digital, NFC, smartcard, cards, transactions , retail, tap-n-pay
Categories: Payments & Commerce
Countries: India
This article is part of category

Payments & Commerce