POS lending platform ZestMoney said to raise $13.4m

India-based POS lending platform ZestMoney has reportedly raised $13.4m in a new investment round.

Xiaomi led the investment, with participation also coming from PayU, Ribbit Capital and Omidyar Network, according to various reports in the media.

ZestMoney is a POS financing solution for consumers in India, enabling them to make digital payments on monthly instalment programs. The service does not require the consumer to have a credit card or a credit score.

Once a consumer has made an account they can verify themselves through PDF bank statements, netbanking, or uploading ID proof – the user can also set up auto repaying.

This capital injection will be used to bolster its technology and data science offerings, and to expand the range of products available to consumers.

The company previously raised $6.5m in its Series A round in 2016. The series was led by PayU and received contributions from Ribbit Capital and Omidyar Network.

Earlier in the year, PayU took part in the $18m Series B round of fellow Indian digital lending platform Paysense. PaySense is an online credit provider for consumers within India, offering personal loans of up to Rs 2 Lakhs ($2,800).

PayU also recently completed the acquisition of Israel-based payments processor ZOOZ to support its expansion into high-growth markets.

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