Famacash, a mobile marketplace for retailers and a digital wallet for consumers, has raised $1 million of a $10 million funding round, according to the company's founder.
CEO and founder of Famacash, Saiful Khandaker, said half a million of the investment came from an angel investor in Kansas and the remaining funds came from a private venture capital firm in New York. The company's headquarters is based in Alpharetta.
With Famacash, retailers will be able to send consumers deals, coupons and even sell gift cards, Khandaker said. Like Venmo, the app will also provide peer-to-peer money exchanges locally and internationally. Users will be able to withdraw cash from participating bank partners or pay merchants with the Famacash wallet, he said.
Khandaker hopes to offer the Famacash app in the Apple and Google app stores within the next two weeks following a soft launch, with an expansion across the world later on.
"We are going to launch this in Europe and Asia," he said.
After living in Atlanta for more than 30 years and launching another startup, Freebee Pay, Inc. in the city, Khandaker said he chose Alpharetta as Famacash's headquarters because of the number of payment solutions companies in the area. FreebeePay, Inc. was shut down and converted into Famacash, he said.
"A lot of payment players are here and so it is a very good market," he said.
