Fri. Mar 29th, 2024

MoneyTap is consumer lending startup, which has raised ₹57 Crore ($9 million) from Sequoia India. There were many serial investors and Prime Venture Partners, who took active participation in various rounds. The startup provides credit to salaried employees and self-employed professionals through an app. They are also in talks with six banks for partnership because they are new to this industry it will take some time to hold position and establish their name. Apart from this, the startup was in partnership with RBL and had raised ₹21 Crore ($3.3 million) in an earlier round.

Recently raised funds will be used by MoneyTap to expand to 50 cities, from the current 14, and broaden its area of research on data science and analytics. They are also planning to donate ₹300 Crore by the end of this fiscal year.

Parthasarathy, founder of Prime Ventures and Snapfish has mentioned that “Since we are in the business of giving money, acquiring customers through the organic route and digital outreach is good enough for us to reap the scale we are looking at”.

Abheek Anand, the principal of Sequoia Capital India Advisor commented that “Consumer credit in India is highly under-penetrated and is a complex problem to solve. MoneyTap combines an experienced team with a designed product – and their strong early traction addresses this massive market opportunity.”