India-based Xtracap closes $1m funding round

Xtracap, which operates the SME lending platform Bridge2Capital has allegedly secured $1m in a funding round from angel investors.

With the fresh funds, the FinTech will build new products and enter into new markets, according to a report from The Paypers.

India-based Bridge2Capital offers small businesses short term financing to help with daily cash flows and purchasing of inventories. Its technology also collects bills from suppliers and pays them on behalf of the customer, so they can pay the invoice over a longer period.

XtraCap also offers additional FinTech solutions, the article claims. These services include a QR code-based payments, order management logistics payment solution, online insurance, digital gold savings scheme and digital ledger.

It plans to make these additional tools available to customers by March 2021.

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