ZestMoney nabs $6.5m for point-of-sale loans

Point of sale consumer lending startup ZestMoney has picked up $6.5m in Series A funding.

The round was led by Indian online payments firm PayU with existing backers Ribbit Capital and Omidyar Network.

Naspers-owed PayU previously acquired rival payments app Citrus Pay for $130m in September and will now hold a 20% stake in ZestMoney having contributed $3.7m to the round.

The investment comes as a part of PayU’s aims to expand the financial services it offers.

Bangalore-based ZestMoney allows online shoppers to instantly open accounts with banks providing loans at the point of sale to buy high-ticket items.

Users then pay the loan back in monthly instalments.

Founded in 2015 the company previously raised $2m in seed funding.

Copyright © 2016 FINTECH GLOBAL

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