PaySense, Mumbai based FinTech startup has raised ₹35 crores in funding led by Jungle Ventures. The funding round also saw participation from Nexus Venture Partners and Naspers Group. The raised funds will be used to strengthen the team and to leverage next-gem technology to make the process seamless and smoother for customers.
Paysense was started in 2015 by Sayali Karanjkar and Prashanth Ranganathan. It uses advanced data algorithms to provide credit to individuals for their online and offline purchases. Using the credit scoring and documentation, it provides loans upto ₹1 lakh to the applicants.
PaySense has partnered with IIFL for disbursements of loans. IIFL is a RBI regulated form which has a portfolio of financial services. With over 1000 branches across India, IIFL has over 35 lakh customers.
Speaking on the development, Anup Gupta, MD – Nexus Venture Partners claimed that the financial services market in India is still untapped and promised a lot of opportunities. He also added that at times, even people with perfect credit scores are unable to get loans. PaySense works great to tap that segment and to provide loan to potential customers.
PaySense claims to have disbursed loans worth over ₹30 crores.