News

India’s Fintech Startup ZestMoney Bags $20M Funding

ZestMoney has reached to a total funding of $42 million till date.

ZestMoney funding

The Fintech startup, ZestMoney, a company that helps consumers with no credit history to get a loan, announced today that it has raised $20 million in a Series B funding round.

Quona Capital, a Washington-based funding company which invests in emerging fintech market, led the funding round. Other participants included Reinventure, an Australian fund; returning investors Rabbit Capital, Omidyar Network, and Naspers-owned PayU. 

The Series B round takes ZestMoney to the total funding of $42 million till date. Last August, ZestMoney raised $13.4 million in Series A2 round, led by Chinese smartphone giant, Xiaomi.

ZestMoney was founded by Lizzie Chapman (CEO), Priya Sharma (CFO/COO), and Ashish Anantharaman (CTO), in 2015, when all three met working at Wonga.

ZestMoney is a consumer-centric loan company, which help consumers with no credit card, limited credit history, and little accessible data to build a profile and become credit-worthy by giving them a small loan that customers can repay successfully.

It has partnered with more than 800 partners including Flipkart and Amazon where ZestMoney offers financing options to consumers at point-of-sale on medium to high priced items. One of its major partners, Xiaomi, helps ZestMoney offline.

Generating smaller loans to customers, aggregating them, managing their details, and making it an attractive partner at the scale of banks is what ZestMoney do. The approach is opposite to the terms that companies like Wonga force on consumers who use their credit service.

Lizzie Chapman, Founder, and CEO of ZestMoney said,

The company has also begun to expand overseas, and it has opened an office in Singapore, as Singapore is a regional hub for fintech and it is looking for expansion opportunities in the Southeast Asian region.

Champan, regarding global expansion, said,

Co-founder, Quona Capital, and Managing Partner, Ganesh Rengaswamy supported Chapman's beliefs regarding the ocean of opportunities in India.

Tanya <span>Editor In Chief</span>
Written By
Tanya Editor In Chief

She is a content marketer and has more than five years of experience in IoT, blockchain, Web, and mobile development. In all these years, she closely followed the app development, and now she writes about the existing and the upcoming mobile app technologies. Her essence is more like a ballet dancer.

News

Snapchat’s Hidden Treasures – 5 Astounding Viable Ways To Stand Out On Snapchat

5 min read  

You will be surprised to know that Snapchat has over 100 million users who frequently use this app every single day. The tremendous increase of users on the social media platforms and its ever-growing dependency on advertising; make it crucial for a startup business to capitalize on the most popular

News

Facebook Is Hiring For In-House Chip Development

4 min read  

After Apple, its Facebook that will be developing its own chips for the devices says, company job listings. The social media giant is hiring the employees for the chip development and posted the hiring details on its corporate website. Facebook will be the latest one to adopt the in-house chip makin

News

Talking to Books Looks Effortless by Google's AI Experiment

4 min read  

Google has come up with a new application that allows users to interact with an AI-based language processing system. Such activities by Google demonstrate AIs' ability to understand how we speak. This particular innovation will let the user search for any intended answers in books by AI’s

News

Twitter Enrolled Its Twitter Lite Android App For Testing In Philippines

4 min read  

Twitter, the microblogging social media platform is testing a new version of its Android app for the regions with slow internet speed. The platform with 328 million daily active users across the globe came up with ‘Twitter Lite’ for Android users. The company is testing the Twitter LIte

MAD Originals
MAD Originals

Cut to the chase content that’s credible, insightful & actionable.

Get the latest mashup of the App Industry Exclusively Inboxed

  • PRODUCTS
  • SERVICES
  • BOTH