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Lending startup ZestMoney raises USD 20 mln Series B funding

Tuesday 23 April 2019 | 02:39 PM CET

India-based fintech company ZestMoney has raised USD 20 million in its Series B round led by Quona Capital, a venture capital company focused on financial technology prodcuts.

Australian fintech investor, Reinventure, and existing investors Ribbit Capital, Omidyar Network and PayU also participated in the round.

The new funding will support the company’s expansion plans for 2019 which provides EMI-based financing for ecommerce purchases, and for other online purchases.

ZestMoney employs its own credit scoring algorithms to do risk profiling of ecommerce consumers who opt for equated monthly installment (EMI) payment option and works with financial institutions to give loans to such consumers.

The startup usually targets users who do not have access to credit cards or any other formal financing options because of insufficient credit history.

With the fresh funding, the company will also further strengthen its collaborations with retailers, banks and non-banking financial institutions.

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