23 April 2019, India:
Fintech startup ZestMoney has raised $20 million in Series B round of funding. The funding round was led by Quona Capital.
Australian fintech investor Reinventure and existing investors Ribbit Capital, Omidyar Network and PayU also participated in the funding round.
The new funds will support the company’s expansion plans for 2019, and address the growing demand of EMI financing in India, the startup said in a statement.
The startup will invest primarily the fresh capital in technology and data science for expanding acceptance of ZestMoney as a digital payment instrument (online and in-store), as well as enhancing product capabilities, and acceptability.
The startup will further strengthen its collaborations with retailers, banks & NBFCs to develop a deeper and holistic ecosystem, the startup said in a statement.
“Digital affordability solutions are witnessing unprecedented growth in India, and this funding will help us in making EMI financing a reality for a billion Indians by accelerating our efforts to make ZestMoney ubiquitous,” said Lizzie Chapman, Co-founder & CEO, ZestMoney.
Lizzie Chapman, added, “Quona Capital and Reinventure both have a long track record of funding successful fintech companies at growth stage, and this investment is a great validation of not only our mission, but also our achievements.”
“ZestMoney and Quona’s partnership is very symbiotic, given the shared values of addressing big challenges in emerging markets fintech, market leadership through responsible high growth, and delivering financial accessibility to vastly underserved consumers,” said Ganesh Rengaswamy, Co-founder and Managing Partner, Quona Capital.
Ganesh Rengaswamy, added, “ZestMoney is uniquely positioned in one of the biggest growth markets in the world, and we are delighted to play a part in shaping the company’s success.”
“The founding team at ZestMoney has an unparalleled vision, and that made the company even more attractive for us. Powered by technology, I have no doubt that ZestMoney will lead India’s fintech future, and we are thrilled to become a part of it,” said Simon Cant, Reinventure.
ZestMoney was founded by Lizzie Chapman, Priya Sharma, and Ashish Anantharaman in 2015. It is a digital lending platform.
(Image – ZestMoney)