MyMoneyMantra, which helps consumers in India access loan deals and credit cards, has raised a $15m investment.
As part of the deal, Vaalon Capital, A Dutch-based investment firm, has picked up a minority stake in the company.
Following the close of the deal, the company will look to bolster its technology and increase its distribution capabilities. The company is looking to expand its data analytics team, migrate its data to Amazon Web Services, develop its website, and grow its marketing team.
Additionally, MyMoneyMantra hopes to increase to reach across India and increase the number of financial partner relationships with banks.
MyMoneyMantra offers consumers an easy way to access loans and credit card deals either online or physically. Loan products include personal, home, business, gold, and home.
The platform has served more than four million customers and helped generate more than $1bn of credit products during 2018. It is partnered with over 90 financial institutions including ICICI Bank, HDFC Bank, Axis Bank, Citibank, PNB Housing Finance Ltd and Tata Capital.
MyMoneyMantra founder and managing director Raj Khosla said, ?This investment is a fantastic endorsement from an international partner and comes at an opportune time, as we are eager to capture an even larger share of the fast-growing and huge Indian consumer market.
?Partnering with an experienced investor will help drive our ?phygital(physical & digital presence) delivery capabilities, connecting with our customers and financial partners on their terms.p>
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