Ftcash was awarded the MIT’s Inclusive Innovation Challenge (IIC) global grand prize winner for 2018 on digital economy. IIC Champion Committee selected Ftcash from 20 Regional Winners among the Latin America, North America, Europe, Asia and Africa.
Ftcash was first founded in 2015 and currently is India’s one of the fastest growing financial technology venture. It aims to empower the micro-merchants and small businesses through digital payments, using only a bank account and a feature phone. Ftcash broadens the opportunity to more people involving in digital economy by harnessing the technology in digital payment system.
MIT awards $1.6 million globally for the IIC. A total of 1,500 projects registered for the awards, which were divided into four categories: Financial Inclusion; Income Growth & Job Creation; Skills Development and Opportunity Matching; and Technology Access. Among the 20 regional winners 4 champions in 4 categories were selected by a year-long period vetting. Ftcash was awarded $250,000 as the winner of IIC in Financial Inclusion categories.
Previously, ftcash was selected as the regional winner of the Inclusive Innovation Challenge in Bangkok, Thailand. All the IIC regional winners received an expenses-paid trip to MIT for the Grand Prize Gala where they were honored with receptions, networking opportunities, and workshops with investors, MIT, and industry experts.
According to Vikram Gupta, the Managing Partner of IvyCap Ventures, ftcash has been established as one of the most innovative companies in the fintech sector today and it is a testimony and highest achievement to their focus on product market fit, as the MIT IIC recognition.