ZestMoney Receives $13.4 million in Series A2 Funding
Monday, 27 August 2018, 18:38 IST
ZestMoney, an online transactional credit provider raised $13.4 million in its Series A2 funding. The funding will strengthen its tech & data science capabilities as well as its core ZestMoney Affordability product. The current round brings a total company funding to $22 million with Xiaomi at the forefront. It was PayU who led the company’s previous series A investment and the Xiaomi investment followed it, with all the existing investors namely, PayU, Ribbit Capotal and Omidyar Network.
Lizzie Chapman, Co-Founder & Chairman, ZestMoney, says, “We are very excited to have Xiaomi as a new investor in the company given the success they have had in building digital credit products in China. They have built one of the most loved brands in India and they have a passionately consumer-focused philosophy which deeply resonated with our values as a company."
ZestMoney gets three lakh applications per month and does more than three crore disbursals in a day. It also developed the leading technology platform for small-ticket, automated loan disbursal, including an AI-based decision engine. The collaboration with Xiaomi co-launched Mi Finance last year enabled millions of Mi customers in India to afford their dream Xiaomi products via cardless EMI. It also works with digital consumer partners namely Amazon, Flipkart, UpGrad and Zefo.
Founded by Priya Sharma, Lizzie Chapman and Ashish Anantharaman in 2015, ZestMoney is one of the fastest growing consumer lending fin-tech companies in India. It was established with an aim to offer a better lifestyle and to fulfill the aspirations of a growing number of Indians. ZestMoney was choses as the Fintech Startup of the Year 2017 and Lizzie Chapman was named Fintech Leader of the Year.
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