Mobile banking platform Microchip Payments has reportedly received an investment from technology incubator Sandbox Startups.
This marks Microchip’s first round of funding and will be used to support its growth, according to a report by Yourstory.
The India-based company is a mobile app which gives users access to mobile banking even without an internet connection. Other solutions offered by the app, which is to launch on Android and iOS, include a mobile wallet and data encryption.
This investment by Sandbox was made alongside two others, with the incubator also deploying capital into e-commerce supply chain platform for produce Freshboxx Services, and machine inspection company Wide Mobility Mechatronics.
Sandbox Startups is an incubator base in India which looks to support startups across the country with developing their ideas. The firm provides business and sales mentoring, IT support, financing and taxation aid, and help with technology development.
There has been a recent flurry of FinTech deals in India this month, with this being the fourth deal of the month. Earlier in the week, working capital provider for Indian SMEs Capital Float raised a $22m investment from Amazon.
Payments and remittances companies dominated India’s FinTech space in 2017, representing 85 per cent of investment volume, according to data by FinTech Global. The next biggest sector was the marketplace lending, pulling in $718m which is around 10 per cent of the total capital deployed.
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