[Funding alert] PayCardo raised pre-seed round from Singapore-based MaGEHold

Fintech startup PayCardo aims to make financial transactions for daily commute in public buses contactless and will use this funding for product development and hiring.

Pune-based fintech startup PAYCARDO has raised an undisclosed amount of funding in a pre-seed round led by Singapore-based angel investment firm MaGEHold Pte Limited.

The startup will use the funds raised for product development, hiring, and piloting a proof of concept project.

Founded in January 2021 by Vivek Kumar Choubey and Vivek Kumar, PayCardo is currently in the product development phase of its contactless payment solution. It aims to build a solution focused on the daily bus commuters, and the product would include a pre-paid smart card for commuters to pay the ticket fare, and the Smart POS that would be used for ticketing by the bus conductors.

PayCardo Co-founder and CEO Vivek Kumar Choubey said, “India is currently the leading digital market in the world with lots of innovations changing the way people experiencing payments. We feel that the adoption of digital payment solutions for public transportation like buses is inevitable and a necessity that affects a large part of population on a daily basis. We aim to bring value to daily commuters with our zero contact payment solution and hope to provide a convenient and hassle-free digital payment experience.”

The founders of PayCardo believe there is a lack of digital payment solutions for the daily bus commuters across the country, with high dependence on physical cash. The startup is developing a smart that allows for digital payment of bus fare when it comes in close contact with the smart Point of Sale machine that is handled by the bus conductor. Besides, it will also introduce live tracking on the movement of the buses.

Bowie Lau, Manging Director of MaGEHold Pte. Limited said,By enabling a convenient commute experience by eliminating a frustrating payments experience, PayCardo not only seeks to further unlock the human capital potential of these commuters but also enhance the efficiency of transport agencies by digitising payments and providing smart fleet management tools.”

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Edited by Kanishk Singh