Bangalore based mobile payments solution provider iKaaz has successfully raised seed investment. So far boot-strapped, this is the first external investment that the startup has received. The group of investors led by Ananda Kallugadde says, “In addition to the traction that iKaaz has already been able to generate, we were particularly impressed with the iKaaz team, its product portfolio, domain expertise and vision. We have great ambitions from iKaaz who we believe will emerge to become a dominant player in this space.”
“We are excited about this investment which we plan to utilize towards our expansions primarily in India and Africa”, informs founder and CEO Soma Sundaram. Soma further adds, “In addition, we have already engaged with a Tier one investment banking firm and are in the process of raising Series A round of 5M USD”
iKaaz is an innovative mobile payments company that has a comprehensive “Tap & Pay” product portfolio. iKaaz’s approach is more holistic and iKaaz solutions serves banks, operators and financial institutions.
“Currently mobile wallets are mostly apps that can be downloaded and used on smartphones or with lots of manual steps involved in making a transaction. However, in that form the mWallets are not very consumer friendly in a retail payment scenario. With the iKaaz NFC solution, the same mWallets can now bring an extremely simple tap & pay experience which is a compelling proposition for merchants and consumers alike. The beauty is in its simplicity and supports all phones”, says Soma.
Soma explains, “Instead of competing with existing mWallets, we are looking to enable them to make the mWallets more usable, highly secure & consumer friendly. We believe that this approach should energize & kick-start the mobile payments ecosystem”
Sundaram believes as mobile penetration is in every section of society and strata of businesses, it is the next big thing that will happen in convergence of mobile and financial domain. “Today every individual and merchant has a mobile phone. I strongly believe mobile payments will be the future in financial domain.”