Mobile payments app QuikWallet gets $1.6 mn funding; looks to raise $5 mn in Series A

QuikWallet, a mobile payments startup for the F&B sector, has raised $1.6 million in funding from its existing investor Snow Leopard Technology Ventures. The company, which has has so far raised $2.1 million in total, is also looking to raise $5 million in Series A financing.

Promoted by Livquik Technology India, QuikWallet offers mobile payments for the F&B sector and currently caters to about 1000 restaurants and small merchants with a Gross Transaction Value (GTV) of Rs 50 lakhs.

Reuters

It started off as a payments and loyalty app for restaurants and has transformed itself into a platform that serves diverse merchant categories – from small neighborhood stores, florists, education institutions to car service centres.

The platform provides merchants with options like SMS, NFC, QR codes, Web/Mobile Apps and a POS Software integrated approach to help collect payments both offline as well as online.

“Payment options available today require a 16-digit card number and further authentication for online transactions. For offline they require the merchant to have a POS terminal. And for mobile, banks need to implement additional software and hardware to enable NFC payments which makes them expensive to implement and maintain.  Posing constraints in a cost-conscious market like India, our vision is to bring down the barrier for a merchant to accept payments using just an SMS & NFC tags with no data connectivity or hardware terminals required,” Mohit Lalvani, co-founder and CEO, LivQuik Technology India said.