Funding News

MoneyTap Taps into Fresh Funding of $70 Mn or Rs 500 Crore

Economic slowdown or no slowdown, it is difficult for investors to keep their eyes off the Fintech sector. As 2020 steers towards the end of January, few Fintech startups have already scooped up funding from investors. A new addition to this list is B2C Fintech startup MoneyTap, which has just made an announcement about a new fundraising round.

Logo of MoneyTap…Image courtesy: Moneytap.com

MoneyTap has raised $70 Mn or Rs 500 crore from RTP Global and Sequoia India, along with group of unidentified Japanese and South Korean investors. Existing investors like Prime Venture Partner also infused funds into the round. The company has said that expansion will be high on its mind following the latest fund raising round. It plans to expand to over 200 cities and consolidate its data backed lending models, according to reports published in various media platforms including Economic Times.

MoneyTap is essentially a full-stack credit lending company that approves instant credit of minium 5 lakh through its mobile app. The company had secured the NBFC license from RBI only last year. According to Crunchbase, the company was founded in 2015 and has raised $12.3 Mn before the latest funding round.

Thanks to endless digitization of India’s financial sector, plethora of opportunities has opened up for B2c as well as B2B Fintech companies. These Fintech companies are basically trying to simplify loan disbursement, bill payment along with other financial services for consumers. There is little doubt that their services have brought immeasurable convenience to customers and this has only encourages the investment community to keep pouring capital into the Fintech sector.

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