Kissht, which provides consumers with credit lines at the point-of-sale, has reportedly raised $30m in its Series C.
The round was led by Vertex Ventures and Sistema Asia Fund, with participation also coming from Fosun RZ Capital, Ventureast and Endiya Partners, according to various reports in the media.
India-based Kissht is a mobile app that allows users to buy products from a participating merchants in pay-later schemes. The consumer is provided with a digital card which can then be used as a credit line to complete the transaction and allows the buyer to make payments over a monthly period. To get started a user just has to provide personal and income details.
The company is currently partnered with more than 50 online retailers, including Amazon and Flipkart, and more than 3,000 offline stores.
This capital injection will be used to expand the company’s network of both online and offline merchants, increase its use across retailer types and bolster its data and analytics solutions, the articles report. Proceeds will also be used to support the development and launch of its own credit card service.
Late last year, the company reportedly netted a $10m investment round which was led by China-based Fosun International. The previous funding round was raised to support the growth of its presence in India.
Vertex Ventures has made a number of investments into the FinTech space this year, having previously co-led the $11m seed round of professional transcription support platform Verbit, and the $3m seed round of cybersecurity platform Fyde.
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