India-based mobile payment solution, MobiKwik has raised $25Million from Tree Line Asia, Cisco Investments, American Express and Sequoia Capital, reports TechInAsia .
The ambition of this startup is to be the only mobile wallet people need. MobiKwik runs in partnership with major credit card providers as well as 51 internet banking renderers. Also, it has allied with 25,000 merchants. With partner companies, there is no need to input data like a credit card string. All that the user has to do is, sign in and pay. The model works similar to that of PayTm.
Cash can be added to the user’s wallet at physical retail stores as well. Along with a browser, the company has its apps available on Android, iOS and Windows OS.
Bipin Preet Singh Founder and CEO, said in a statement, “We are now aiming for the next level of growth and building a ubiquitous mobile wallet for a billion Indians. With 90 percent of Indians being unbanked, simplified payments via a mobile wallet make perfect sense. Taking millions of Indians from cash to digital transactions and building a rich user profile to meet all their financial services’ needs, is our ultimate mission at MobiKwik.”