MoneyTap, India’s fastest-growing consumer lending company, today announced that it has secured funding of ₹500 crores in equity and debt. The Equity Series B round is led by global funds, including Aquiline Technology Growth (ATG), RTP Global and Sequoia India, along with Korea and Japan-based investors. Existing investors Prime Venture Partners and MegaDelta also participated in the round. Debt capital has been secured from leading players like Vivriti Capital, Credit Saison and others in the form of co-lending, credit lines and term loan arrangements, and the company intends to scale up this piece in the coming year. The company had previously raised a total of $12.3 million.
MoneyTap will use the funds to accelerate its growth trajectory, invest further in technology, data science, and build its NBFC balance sheet. There are plans to significantly expand its geographical footprint from 60 to 200 Indian cities.
Commenting on the occasion, Anuj Kacker, Co-founder of MoneyTap said, “This latest development reaffirms MoneyTap’s strong growth potential in the fintech sector and the trust it has gained over the years from customers, capital partners and investors. From the beginning, 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 allocate a significant chunk of the funds to grow the balance sheet for our own NBFC.”
Max Chee –Head of Aquiline Technology Growth said, “The ever-increasing digitization of India’s economy and financial services industry has created compelling opportunities, particularly for India’s emerging fintech companies. MoneyTap’s unique line of credit products address the significant need for consumer credit that is seamlessly distributed to end-users. We believe they are one of the best in the industry in terms of volume growth and managing risk at scale. We look forward to working with them to expand their mission and vision.”
Adding, Kirill Kozhevnikov – Partner at RTP Global said, “MoneyTap is building capabilities to tap into the present and future needs of the customers faster than other fintech startups. The co-founders have a clear vision to transform the consumer lending industry and serve the needs of this huge credit market. We are happy to be part of this journey.”
Abheek Anand, Managing Director, Sequoia Capital (India) Singapore said, “We are thrilled to see MoneyTap’s recent performance and their laser focus on solving a clear customer pain point. They have successfully balanced growth, profitability and book quality – three of the most important indicators of an enduring fintech business.”
MoneyTap was commercially launched in September 2016 as India’s first app-based consumer credit line by serial entrepreneurs Bala Parthasarathy, Anuj Kacker and Kunal Varma. The company has been on a phenomenal 5X growth trajectory in the last 12 months, and in less than four years has created a loan book of ₹1,000+ crores and achieved a disbursal run rate of ₹2,500 crores a year. MoneyTap also secured an NBFC license from the RBI in 2019.
MoneyTap is India’s first app-based credit line that provides quick, flexible, and hassle-free credit of up to ₹5 Lakhs at interest rates starting 13% per annum. By making credit accessible to diverse customer segments in multiple cities, MoneyTap is leading the way in revolutionizing consumer lending in the Asian fintech space.
To know more, visit: https://www.moneytap.com/