CityCash, a Mumbai based fintech startup focused on creating a transit led micro payments ecosystem, has now secured its seed funding round of $ 1 million from Orios Venture Partners.
The company revealed that the new funds will going to 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.
Vineet Toshniwal, Founder, CityCash, said,
“The current ticketing model is high touch and requires the 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 gamechanger. Transit can play a pivotal role as it can drive very fast consumer acquisition and habit change from cash to tap and pay.”