Indian fintech company ZestMoney, which helps customers with little credit history to procure loans, has raised $20m in its Series B funding round led by US-based Quona Capital.

Australian fintech investor Reinventure and the company’s existing investors Ribbit Capital, Omidyar Network and PayU also participated in the round.

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With the new funding, ZestMoney has raised a total of $42m to date.

ZestMoney fundraising: Details

ZestMoney intends to utilise the money to improve its technology as well as strengthen its team.

In the following one year, the company also aims to deepen collaboration with online retailers through which it offers EMI-based financing services.

ZestMoney was founded in 2015 by Priya Sharma, Lizzie Chapman and Ashish Anantharaman.

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The digital platform primarily focuses on consumer financing targeting customers who do not have credit cards and other lending options.

It has partnered with several e-commerce companies to offer financing at the checkout by carrying out risk profiling of the customers by using own credit scoring algorithms.

The process enables the consumer to opt for EMI financing without a credit card.

ZestMoney co-founder and CEO Lizzie Chapman was quoted by the media sources as saying: “Digital affordability solutions are witnessing unprecedented growth in India, and this funding will help us in making EMI financing a reality for a billion Indians by accelerating our efforts to make ZestMoney ubiquitous.”

Its partners include Amazon, Flipkart, Xiaomi and MakeMyTrip, among others.