202011 Aug
[Funding alert] Public transit focussed payments startup CityCash raises $1M from Orios Venture Partners
Type
Funding Rounds
Companies
Funding
202011 Aug
$1000KSeed
Source
Yourstory
Summary

The company said the new funds will be used for expanding market access, merchant ecosystem, and to develop technology to deploy Open Loop National Common Mobility Cards on SoftPOS and digital ticketing solutions. Founded in 2017 by Vineet Toshniwal, an alumnus of FMS Delhi, who had earlier worked at CitiBank, Bank of America, Infosys, and Equirus Capital, CityCash offers a multi-purpose NFC-based smart card that can be used to transact in an offline mode in transit and retail, rendering a smooth tap-and-pay experience for consumers. The startup claims to be creating an offline tap-and-pay based payments ecosystem for 200 million+ low and middle income consumers who use public transit and make small retail transactions. CityCash works closely with the card issuer banks, bus corporation partners, and payment networks in order to establish the micropayment ecosystem. Partnering with MSRTC, the state bus corporation of Maharashtra, CityCash said it has issued three million cards to consumers in nine months since it went live, and is accepted in 20,000 buses, each a unique point of sale.

Classifications
  • Fintech & Banking
  • Point of Sale (POS)
  • Retail
  • Healthcare
  • Geographic Information systems
  • Collaboration & Communication
  • Engineering & Scientific