|Headquarters 🏙️||, |
Area served 🗺️
|Bala Parthasarathy (Co-founder & CEO)|
Kunal Varma (Co-founder)
Anuj Kacker (Co-founder)
Number of employees
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.
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.
The app was launched to the public in October 2016 in partnership with RBL Bank for salaried professionals.
The service was launched for self-employed professionals such as doctors, lawyers, small proprietors and freelancers in May 2017. By November 2017, the app is claimed to have passed over 1 million downloads with over ₹ 20 crore disbursed in Bangalore itself.
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.
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.
The service is currently available across more than 30 cities in India.
Awards & Recognition
- October 2017: Selected in the 20 Global Startups for The India Fintech Awards Demo Day by India Fintech Forum
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.
- "MoneyTap launches India's first app-based 'Credit Line'". Business Standard. 28 September 2016. Retrieved 11 September 2018.
- Variyar, Mugdha (14 June 2017). "MoneyTap raises $9 million from Sequoia in Series A". The Economic Times. Retrieved 11 September 2018.
- "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.
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