The latest equity round was led by Aquiline Technology Growth, RTP Global and Sequoia India, along with a host of South Korean and Japanese investors. Other existing investors who participated in the round include Prime Venture Partners and MegaDelta.
Debt capital was raised from Vivriti Capital, Credit Saison, along with other investors in the form of co-lending and credit lines.
Funds raised will be used to kickstart NBFC operations, expand to over 200 cities, innovate lending models and hire more employees.
Talking about the investment, Anuj Kacker, Co-founder of MoneyTap, said, “Our mission has been to provide credit to the growing middle-income groups, in the most flexible, convenient and affordable manner, with money being available to the customer on tap. We will use this funding to scale our business, innovate with data-backed lending models and continue to hire aggressively. We will also use the funds to expand our credit offerings via our own NBFC.”
Founded by Anuj Kacker, Bala Parthasarathy, and Kunal Varma in 2015, MoneyTap offers an app-based platform to offer quick and easy access to a personal line of credit for middle-class customers in India. The startup has partnered with leading banks to provide instant credit ranging from as low as ₹3,000 to as high as ₹5 lakhs. MoneyTap has a loan book of over ₹1,000 crores and has a presence across more than 40 cities in the country.
The startup had received the NBFC license from the RBI last year. The NBFC license will further help the digital lending startup to ramp up their operations and expand to more cities and customers.
Earlier in 2017, MoneyTap had raised $12.3 million in its Series A round.
Also, check out the list of top digital lending startups in India.