India-based mobile payments platform MoneyOnMobile has closed a $7.6m Series F round.
MoneyOnMobile is a global mobile payments and procession solution provider, helping Indian consumers to pay or transfer funds between smartphones. The company, which is authorised by the Reserve Bank of India, helps users make money transfers, bill payments, hotel booking, online shopping payments and buy train and flight tickets,
One of the functions the application enables is a sending money through SMS texts.
Chairman CEO Harold Montgomery said, “We are pleased with the positive response from investors and the speed with which we closed this investment during what is normally a relatively slow time of the year for fundraising. This capital infusion will enable us to continue to execute our business plan and drive growth across our product lines,”
Last year, the company picked up an extra $2.25m credit facility from YES! Bank, bringing the company total financing from the bank to $3.75m. Capital was supplied to help the company increase its volume of remittance transactions made.
There have already been several India-based payments companies to pick up funding this year. Of the companies to raise capital, online payments solution company Razorpay secured a $20m Series B round led by Tiger Global and Y Combinator.
India FinTech sector was dominated by the payments and remittance sector last year, with the vertical representing around 84 per cent of funding to the country.
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