Lending app MoneyTap has reportedly raised $12.3m in its latest funding round led by Sequoia Capital India.
Commitments to the round also came from firms included previous investors New Enterprise Associates and Prime Venture Partners, according to various media reports.
Founded in 2015, the company is India’s first app-based credit platform, offering customers personal loans and credit cards.
MoneyTap works in partnership with various banks to allow customers to transfer money to their bank accounts.
The capital from the round will be used to boost MoneyTap’s presence by expanding from operating in 14 cities to 50.
By 2018 the company is also allegedly looking to offer credit worth around $46m.
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