PAYCARDO, a Pune-based fintech business, has acquired an unknown amount of capital in a pre-seed round led by MaGEHold Pte Limited, a Singapore-based angel investment group.
The cash raised will be used for product development, hiring, and a proof-of-concept project.
PayCardo, a contactless payment system founded by Vivek Kumar Choubey and Vivek Kumar in January 2021, is now in the product development phase.
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.”