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Zest Money, a Bangalore based digital platform facilitating the digital credit facility to Indian online shoppers, is reported to have raised $13.4 million investment in A2 funding series led by Chinese electronics manufacturing company Xiomi Corporation.
Ribbit Capital, PayU and Omidyar Network being the other three investors that were involved in the funding round.
ZestMoney plans to make its technology and data science capabilities stronger and build more flexible credit products with the latest series of A2 funding.
One of the Zest Money co-founders and the current CEO namely Lizzie Chapman said:
Xiaomi has built one of the most loved brands in India and they have a passionately consumer-focused philosophy which deeply resonated with our values as a company. ”
Mrs. Chapman, in an email conversation with SDT ( Startup Daily Tips ) , said that Zest Money is already receiving three lakh applications on a monthly basis and our target is to touch 3000 crore disbursal by the last month of 2018.
Zest Money is an online platform that allows Indian consumers to buy expensive products on digital EMI from various online marketplaces such as Flipkart, Amazon, Zefo, etc without exposing credit card information.
ZestMoney was founded in 2015 by three former employees namely Lizzie Chapman, Ashish Anantharaman and Priya of Wonga, UK’s largest payday lender.
While working with Wonga, all three colleagues hatched and later executed the idea of Zest Money in India.
Zest had earlier in the year 2017 raised $6.5 million funding from global fin-tech giant PayU in series – A round while as $1.7 million in its first round in the October month of 2015.
Yesterday, Gurgaon based Sqrrl, appointed Anupam Sengupta as Marketing and Sales head of the company.