PaySense raises $18m for its Series B round

India-based digital lending platform PaySense has secured $18m in its Series B round of funding.

Of the total investment, online payments platform PayU deployed $11.5m of the capital.

This is the second time PayU has backed the company, previously joining Nexus Ventures to support the $5.3m Series A round Jungle Ventures was the lead investor for the round which closed last year.

Mumbai-headquartered PaySense is an online credit provider for consumers within India, offering personal loans of up to Rs 2 Lakhs ($2,800). Credit decisions are made through the leveraging of millions of data points to build a financial behaviour profile for individuals.

Capital from the round will be put towards further developments of its technology and team, to help capitalise on the huge, untapped market potential.

PayU M&A and investments global head Fady Abdel-Nour said, “Were excited to continue to synergise forces with PaySense and are positive that this investment will help us strengthen our position in the consumer lending space in India. We believe India FinTech story is just getting started and will continue to invest in this space.p>

Earlier in the year, PayU acquired the Israel-based payments technology platform ZooZ in a bid to support its expansion across high-growth markets. The deal put the company total value for acquisitions and investments in the FinTech space to more than $350m since the launch of its global strategic moves in 2016.

Copyright ? 2018 FinTech Global

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