Indian payment technology startup QuikWallet, owned by LivQuik Technology, has raised $1.6m in a fresh round of funding from its existing investor Snow Leopard Technology Ventures.
The funding will be used to enhance technology, expand team and increase merchant base.
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Till date, QuickWallet has raised $2.1m in total and is now looking to raise $5m in Series A round of funding.
The startup currently serves about 1000 restaurants and small merchants with a Gross Transaction Value (GTV) of INR5m.
QuickWallet has launched a payments and loyalty app for restaurants and changed itself into a platform that serves diverse merchant categories. The platform delivers merchants with a plethora of options including SMS, NFC, QR codes, Web/Mobile Apps and a POS Software integrated approach to collect payments both offline as well as online.
Available on Android and iOS, QuikWallet stores the customer’s card information, locks it securely with a passcode and allows him/her pay with one or two taps.
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By GlobalDataQuikWallet has also recently applied for a semi-closed prepaid payments license with the Reserve Bank.
LivQuik co-founder and CEO Mohit Lalvani said: "The line between online and offline is blurring with offline merchants wanting to sell online and vice-versa. We have expanded our offering to customers whether they transact online or offline, where we work with banks as issuers on our platform.
"Our vision is to bring down the barrier for a merchant to accept payments using just an SMS and NFC tags with no data connectivity or hardware terminals required," he added.
Snow Leopard Ventures CEO Chris Kolenaty said: "The approach of their platform is radically different from that of peers and more sustainable and scalable in the long run. Their potent mix of technology (indigenously developed patent pending platform) and relentless consumer and merchant focus is what excites us."
