MoneyTap raises $12.3 million for a consumer credit app for India’s emerging middle class



MoneyTap launched last year with what is effectively an app-based line of credit for India’s young professionals and now has more than 30,000 users, who earn $500 per month on average.

Consumer lending is an underserved segment of India’s financial markets; 70% of the population doesn’t have access to commercial lenders.

Sequoia Capital India led the Bangalore-based startup’s $12.3 million round, with support from two existing investors, NEA and Prime Venture Partners.

The startup expects to surpass $46 million in issued credit by early 2018 and expand to 50 Indian cities by end of 2017.

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