mChek closes second round of funding

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Bangalore: mChek, an Indian provider of mobile security and payments services has closed a second round of venture capital (VC) funding from Nexus India Capital, a venture capital financing company. Nexus has invested around $5-8 million. Also, Draper Fisher Juvertson (DFJ) took part in the financing round. As reported by VCCircle, Sanjay Swamy CEO of mChek said that the company is working aggressively to bring banking to the masses via mobile-enabled services. The primary focus of mChek is to offer convenience to customers while the larger goal is to enable people to graduate to mobile banking. Founded in 2006, mChek provides payment solution which has been certified by VISA International for secure 'card-present' transactions, wherein a mChek Visa Card can be issued to the mChek application on the phone and can be used to transact. Its applications are used for mobile recharge and bill payments, money transfer and over-the-counter (OTC) payments. mChek products are used across India and Sri Lanka. Currently, there are about 100 employees in the company. The company has partnerships 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.

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