Digital lending startup MoneyTap has reportedly closed a $9m investment from Sequoia Capital.
Previous investors of MoneyTap New Enterprise Associates (NEA) and Prime Venture Partners also contributed to the round.
Capital from the round will be used to deepen its technology suite and incorporate additional features such as unified payments interface and electronic signatures. Additionally, it is looking to increase its operations to more places across India.
The FinTech offers consumers in India with quick access to loans from as little as INR 3,000 ($42). A user simply downloads the app, enters basic information such as age, city, PAN number and income and the app will assess eligibility for a loan in real-time.
MoneyTap previously secured £12.3m in a funding round led by Sequoia Capital India in 2017.
Sequoia Capital has invested in a lot of FinTech companies over recent years. The firm contributed to the $32m Series C round of ActionIQ earlier this year. The startup offers a customer data platform which enables businesses to offer personalized experiences to customers.
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