India-based mobile payments platform MoneyOnMobile has picked up a $5m investment from S7 Group.
This capital will be raised for the issuance of Series H convertible preferred shares.
MoneyOnMobile is a global mobile payments and processing solution provider, that helps consumers complete transactions or transfer funds between smartphones. The company is authorised by the Reserve Bank of India and can be used to facilitate bill payments, hotel bookings, and money transfers.
Transactions can be made through an SMS text functionality or through the app and website.
Capital from the round will be used to support the business plan and grow its product lines.
S7 Group investment director Oleg Gordienko said, “The S7 Group has implemented several new technological improvements to various operations and payment processes across our holdings. We look forward to using our world-class expertise in India’s fast developing payments market to continue MoneyOnMobile’s growth.”
Last month, the company closed a Series F round on $7.6m from unnamed investors.
India’s FinTech sector has had a very active start to the year, with this being the 15th completed transaction this year. Last week, real estate data platform Propstack closed a funding round from a group of investors.
A total of $7.3bn was deployed into India’s FinTech sector last year, of which, $6.6bn was invested during the second and third quarters.
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