Indian consumer lending firm MoneyTap has raked in $7.14m through a Series B equity and debt funding round.
The fundraising was led by Aquiline Technology Growth (ATG), RTP Global, and Sequoia India. The trio was joined by the company’s existing backers Prime Venture Partners and MegaDelta.
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The debt funds were provided by Vivriti Capital, Credit Saison, as well as other commercial entities in the form of credit and co-lending lines.
The latest infusion takes the capital raised by the firm till date to about $19m.
Using the fresh capital, the firm intends to issue a loan book of $71m within 12 to 18 months.
In three years of operations, it has issued a loan book of nearly $14m with an annual disbursal run-rate of $28.5m.
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By GlobalDataAdditionally, the firm also plans to make technology and data science investments, roll out its non-banking financial company (NBFC) business and expand presence from 70 to 200 cities across India.
The consumer lending firm received its NBFC licence last year.
MoneyTap co-founder Anuj Kacker said: “This latest development reaffirms MoneyTap’s leadership position in the fintech sector and the trust it has gained over the years from customers, capital partners and investors. 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.”
Introduced in September 2016, MoneyTap allows users to access a maximum of $7,000 in credit at 13% interest per annum. The firm is said to be the first app-based consumer credit line in India.
