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India based app-form credit platform MoneyTap has raised $9m in Series A funding led by Sequoia Capital. MoneyTap was launched September last year as an app-based consumer credit line by entrepreneurs Bala Parthasarathy, Anuj Kacker and Kunal Varma.
The fresh capital will be used to enhance technology, especially to incorporate India Stack features such as the unified payments interface and e-sign, and to expand to 50 cities from the current count of 14 by the end of this year, the founders said. “We will spend on technology, R&D and data science, especially to also strengthen our credit-scoring algorithm using alternative data,” Parthasarathy said. "We are also looking at expansion to more cities and hiring." A credit line entails that the bank reserves a certain amount of money for a customer without any collateral or interest, and the customer can borrow any amount from it at an interest. MoneyTap has about 300,000 users, but the company did not disclose the number of users it has approved for issue of credit line.
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