EzCred scores $1m for offline POS lending

Indian consumer lending startup EzCred has picked up a $1m Seed round from a consortium of individual investors.

The round’s backers are made up of both financial services and technology veterans including Nutanix CEO Dheeraj Pandey, Oanda Asia Pacific’s CEO Rajesh Yohannan and Uber director of engineering Akash Garg.

Citibank’s Sanjay Nambiar, YouTube director of product management Christian Oestlien and digital delivery head at ANZ Ratikant Sahu and US-based Costanoa Ventures’ partner Neill Occhiogrosso.

EzCred offers consumer loans for purchases at offline retailers through a paperless process using Aadhar, eKYC and biometric-enabled authentication.

The company is partnered with distribution startup YMS Mobitech to grow its presence as an option at offline retail points of sale.

It says it is also teamed with four lenders and aims to reach out to more as it expands into new verticals such as travel and healthcare.

EzCred will use the new capital to further develop its tech infrastructure and expand its team. It says the funding gives it an 18-month runway after which it will seek a Series A round.

Copyright © 2017 FINTECH GLOBAL

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