iKaaz Raises raises seed Funding

Bangalore based mobile payments solution provider iKaaz has raised seed investment from the group of investors led by Ananda Kallugadde, managing director of NeoBytes Software Solutions.

The company plans to utilize the funding raised towards its expansions primarily in India and Africa.

The company is now in the process of raising Series A round of 5M USD.

iKaaz has a comprehensive “Tap & Pay” product portfolio, which transforms any mobile phone, irrespective of the type of device or the mobile operator, into a cashless payment terminal by placing an iKaaz NFC tag on it. One can create a mobile POS terminal without huge investments in POS equipment, give customers the benefit of secure, cashless payment for their everyday shopping at your outlet using their mobile phones.

“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 Sundaram, who founded iKaaz in 20