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.
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.
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.
The equity Series-B round was led by global funds such as Aquiline Technology Growth (ATG), RTP Global and Sequoia India, along with Korea and Japan-based investors. Existing investors, Prime Venture Partners and MegaDelta, have also participated in this round. Debt capital has been secured from leading players such as Vivriti Capital and Credit Saison in the form of co-lending and credit lines.