MoneyTap today has now secured INR 500 crore in the funding round of Series B led by the ATG, Sequoia India, and RTP Global.
Some of the existing investors, MegaDelta and Prime Venture Partners have also participated, said the announcement.
The startup, as of now, has secured $12.3 million, which excludes the recent round.
MoneyTap will now use the money to grow its loan book to INR 5000 crore in the coming 12-18 months, invest in data science, technology, and launch of its own non-banking financial company. The startup is also looking to expand its footprints from 60 to 200 Indian cities.
“Our mission has been to provide credit to the growing middle-income groups, in the most flexible, convenient, and affordable manner, with money being available to the customer on tap. We will use this funding to scale our business, innovate with data-backed lending models and continue to hire aggressively. We will also use the funds to expand our credit offerings via our own NBFC,” Anuj Kacker, co-founder of MoneyTap, said in a statement.