mChek raises venture capital funding from Nexus

mChek, an Indian provider of mobile security and payments services has raised a second round of venture capital funding from Nexus India Capital, a venture capital financing company, vccircle.com reports.

According to the same source, the amount that Nexus has invested in the company reaches almost USD 5-8 million. Draper Fisher Juvertson also took part in the financing round.

The mCheck mobile payment platform integrates mobile payments, mobile passcode (2-factor authentication on the mobile), mobile authentication and authorisation services. The company’s products have been made available in India and Sri Lanka. The company collaborates with ICICI Bank, HDFC Bank, Standard Chartered, Airtel, Visa, Tata Indicom, and online merchants such as FutureBazaar.com, HomeShop18, BigFlix.com, Indiatimes.com, SifyMall.com and Yatra.com domestic.

According to statistics released by the Cellular Operators Association of India, the number of mobile users in India has surpassed 400 million.

Yatra.com has introduced a slew of services in the domain of international travel. Currently, it is offering the Fair Deal Promise scheme on international flights where one who books an international ticket with Yatra.com and gets a lower price elsewhere, can ask Yatra.com to match the fare, and avail a lower airfare. It also renders its customers the free Visa assistance facility wherein a team of experts help the customer with the procedures of applying for Visa without charging any additional service fees. Payment convenience is another value added service by the portal wherein customers are given the flexibility of paying only 25 per cent of the air ticket fare and balance can be paid at a later date. With such value added deals and offers, Yatra.com aims to continue being a pioneer in bringing innovative applications and services in international travel

mCheck collaborates with ICICI Bank, HDFC Bank, Standard Chartered, Airtel, Visa, Tata Indicom, and online merchants such as FutureBazaar.com, HomeShop18, BigFlix.com, Indiatimes.com, SifyMall.com and Yatra.com domestic.

Article Source:http://www.articlesbase.com/flights-articles/mchek-raises-venture-capital-funding-from-nexus-1280859.html

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