In a significant boost to India’s fast-growing consumer fintech space, Mumbai-based Snapmint has raised $125 million in fresh funding led by General Atlantic, marking one of the largest capital infusions this year in the country’s pay-later ecosystem.
The round also saw participation from Prudent Investment Managers, Kae Capital, Elev8 Venture Partners, and several existing angel investors, reflecting growing investor confidence in the future of digital credit infrastructure built on UPI rails.
Founded in 2017 by Nalin Agrawal, Anil Gelra, and Abhineet Sawa, Snapmint has carved a niche for itself by offering instant EMI options without requiring a credit card — a service that caters to millions of young, first-time borrowers across India’s digital commerce ecosystem.
Credits: The Economic Times B2B
From Checkout to Credit: Snapmint’s Seamless Proposition
At the heart of Snapmint’s success is its simple promise — to make EMI-based shopping as effortless as a UPI transaction. With the newly raised capital, the company plans to scale its EMI-on-UPI platform, expand its merchant network, and strengthen its underwriting and risk management systems to enable faster, safer approvals.
“Our goal is to make EMI-based shopping as seamless as a UPI payment,” Snapmint said in a statement. “This new capital will help us deepen merchant integrations and bring the EMI-on-UPI experience to millions more customers.”
Currently, Snapmint serves over 7 million monthly active users and facilitates around 1.5 million purchases every month across 23,000 pincodes — giving it one of the widest footprints in the consumer-lending space. Its technology allows users to split purchases into smaller instalments directly at checkout, whether shopping online or at physical stores.
Bridging the Credit Gap for Digital Consumers
India’s financial landscape is changing rapidly — while UPI has democratized digital payments, credit access remains limited, especially for consumers without credit cards. Snapmint aims to bridge this gap by bringing instant instalment credit to the UPI ecosystem, effectively merging two of India’s biggest fintech success stories: UPI and BNPL (Buy Now, Pay Later).
By embedding EMI options at the point of sale, Snapmint not only increases merchant conversion rates but also empowers first-time borrowers to build a credit history through transparent, small-ticket loans. Its model is particularly attractive to younger consumers in Tier 2 and Tier 3 cities who are credit-hungry but lack access to traditional banking products.
A Strong Global Endorsement of UPI-Linked Credit
Industry analysts see Snapmint’s fundraise as a strong endorsement of UPI-linked credit, a concept that’s gaining traction as India’s digital payment infrastructure matures.
While several BNPL players have faced headwinds from the Reserve Bank of India’s regulatory tightening and profitability challenges, Snapmint’s focus on merchant partnerships and risk-calibrated credit gives it a potentially sustainable edge.
For General Atlantic, one of the world’s leading growth investors, the bet aligns perfectly with India’s digital consumption boom, fuelled by rising smartphone penetration, UPI ubiquity, and the growing appetite for flexible payment options.
What’s Next: Scaling Responsibly and Competing Smartly
Snapmint plans to deploy the fresh funds to:
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Onboard more merchants across electronics, lifestyle, and mobility categories.
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Deepen UPI integration for near-instant EMI approvals.
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Enhance credit assessment models to minimize defaults while expanding to new geographies.
However, analysts caution that sustained growth will depend on balancing expansion with strong underwriting discipline. As EMI-on-UPI becomes a mainstream payment mode, Snapmint will face increasing competition from larger fintechs, NBFCs, and banks looking to capture the same opportunity.
A Confident Step Into the Future of Credit
With this funding, Snapmint joins a small but influential club of consumer-fintechs that have achieved both scale and institutional investor backing at a time when the funding environment remains cautious.
As India’s financial ecosystem evolves, Snapmint’s EMI-on-UPI offering could redefine how millions of Indians shop and borrow — turning every UPI transaction into a potential credit opportunity.
For the company and its investors, the road ahead is clear: make credit as frictionless as cash — and make “Pay Later” truly mainstream.
