MoneyTap
| Official Logo | |
| Official Logo | |
| ISIN | 🆔 |
|---|---|
| Industry | Fintech |
| Founded 📆 | 2015 |
| Founder 👔 | |
| Headquarters 🏙️ | , , |
Area served 🗺️ | India |
Key people | Bala Parthasarathy (Co-founder & CEO) Kunal Varma (Co-founder) Anuj Kacker (Co-founder) |
| Services |
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| Members | |
Number of employees | |
| 🌐 Website | www |
| 📇 Address | |
| 📞 telephone | |
MoneyTap is a Fintech startup based in Bangalore, India. Launched in 2016 to the public, it is claimed to be India’s first company to provide an app-based personal credit line to customers.[1]
Offered in partnership with various banks and NBFCs, it facilitates the provision of unsecured, short-term credit to users directly from their phone or desktop.
Background[edit]
MoneyTap was incorporated in 2015 by Kunal Varma, Bala Parthasarathy, and Anuj Kacker. Its initial investors include Sequoia Capital, Prime Venture Partners, New Enterprise Associates (NEA), and other angels.[2]
The app was launched to the public in October 2016 in partnership with RBL Bank for salaried professionals.[3]
The service was launched for self-employed professionals such as doctors, lawyers, small proprietors and freelancers in May 2017.[4] By November 2017, the app is claimed to have passed over 1 million downloads with over ₹ 20 crore disbursed in Bangalore itself.[5]
Services[edit]
With just a few details, the app is claimed to evaluate a user’s eligibility and share credit limit. Customers can be issued a line with a limit of up to ₹5 Lakh. From this, they can borrow as little as ₹3000 or up to their full limit and repay it back in flexible EMIs.[3]
Unlike personal loans and credit cards, customers pay interest only on the amount borrowed and at lower rates. With a ZeroPaperTM technology, MoneyTap enables 100% paperless processing of customer applications.[6][7]
The service is currently available across more than 30 cities in India.
Awards & Recognition[edit]
- October 2017: Selected in the 20 Global Startups for The India Fintech Awards Demo Day by India Fintech Forum[8]
Funding[edit]
In June 2017, MoneyTap raised USD 9 million in Series A round from Sequoia Capital, India along with existing investors NEA and Prime Venture Partners. The total capital raised was USD 12.3 million.[2][9]
References[edit]
- ↑ "MoneyTap launches India's first app-based 'Credit Line'". Business Standard. 28 September 2016. Retrieved 11 September 2018.
- ↑ 2.0 2.1 Variyar, Mugdha (14 June 2017). "MoneyTap raises $9 million from Sequoia in Series A". The Economic Times. Retrieved 11 September 2018.
- ↑ 3.0 3.1 "MoneyTap launches credit line app". Live Mint. 28 September 2016. Retrieved 11 September 2018.
- ↑ "MoneyTap offers credit line to self-employed professionals". The Financial Express (India). 22 May 2017. Retrieved 11 September 2018.
- ↑ "MoneyTap Launches in Kannada, Already Issued Close to Rs 20 Cr in Credit in Bengaluru Alone". BWDisrupt. 1 August 2017. Retrieved 11 September 2018.
- ↑ "MoneyTap launches a paperless-lending technology: Here are 4 things to know". The Financial Express (India). 13 February 2017. Retrieved 11 September 2018.
- ↑ Bhakta, Pratik (7 May 2018). "MoneyTap sets Rs Rs 2,000 crore loan disbursal target in 2018". The Economic Times. Retrieved 11 September 2018.
- ↑ "India Fintech Forum Selects 20 Global Startups For 'The India Fintech Awards' Demo Day". Inc42. 16 October 2017. Retrieved 11 September 2018.
- ↑ "MoneyTap". Crunchbase. Retrieved 11 September 2018.
External links[edit]
This article "MoneyTap" is from Wikipedia. The list of its authors can be seen in its historical and/or the page Edithistory:MoneyTap. Articles copied from Draft Namespace on Wikipedia could be seen on the Draft Namespace of Wikipedia and not main one.
