MoneyTap, an instant loan service provider, has raised ₹500crores in a Series B funding round led by Aquiline Technology Growth (ATG), RTP Global and Sequoia India. Existing investors Prime Venture Partners and MegaDelta have also participated. The company was founded by Bala Parthasarathy, Kunal Verma, and Anuj Kacker in 2015.
The company will use these funds to grow its loan book to ₹5,000crores in the next 12-18 months, invest in technology, data science, and launch its own non-banking financial company (NBFC). It also has plans to expand its footprint from 60 to 200 Indian cities.
in a statement, 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.”
MoneyTap is catering to the credit needs of middle-class customers in India. Present in 40+ cities, they are providing small-medium cash loans, quick credit on mobile, affordable interest rates and flexible EMIs.
HrNxt.com Newsdesk has researchers and writers with an excellent domain knowledge about the talent ecosystem, and the business environment. The team keeps a tab on the latest happenings in the ecosystem to bring most relevant news and insights for our readers. You can connect with our newsdesk at newsdesk@hrnxt.com.