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.
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