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Online consumer lending startup MoneyTap on Monday announced that it has raised Rs 500 crore in series B round funding from Aquiline Technology Growth (ATG), RTP Global, and Sequoia India.
The new round funding led by Aquiline Technology Growth has also saw the participation of its existing investors as Prime Venture and MegaDelta.
MoneyTap which was founded by former Managing Partner and founder of Prime Venture Partners Bala Parthasarathy, with Anuj Kacker and Kunal Verma in Sept 2015, is an app-based money lending platform with the book value of above Rs 1,000 crore.
“Will use the fresh round funding for business expansion in 200 cities, investment in technology, data science, for launching NBFC, and for hiring,” the company’s statement said.
Speaking after the fundraise, Anuj Kacher, Co-founder, MoneyTap said, “As our mission is to provide credit to the growing middle-income groups, in the most flexible, convenient and affordable manner. We will use the fresh round funding 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 fresh round funding to expand our credit offerings via our own NBFC,” Kacker further added.
Commenting on the investment in MoneyTap, Max Chee, Head of Aquiline Technology Growth said, “MoneyTaps unique line of credit products addresses the significant need for consumer credit that is seamlessly distributed to end-users. We believe they are the leaders 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.”
“They have successfully maintained the growth, profitability, and the book quality – the three most important indicators of an enduring fintech business,” Abheek Anand, Managing Director, Sequoia Capital India said.