Australian fintech investor, Reinventure, and existing investors Ribbit Capital, Omidyar Network and PayU also participated in the round.
The new funding will support the company’s expansion plans for 2019 which provides EMI-based financing for ecommerce purchases, and for other online purchases.
ZestMoney employs its own credit scoring algorithms to do risk profiling of ecommerce consumers who opt for equated monthly installment (EMI) payment option and works with financial institutions to give loans to such consumers.
The startup usually targets users who do not have access to credit cards or any other formal financing options because of insufficient credit history.
With the fresh funding, the company will also further strengthen its collaborations with retailers, banks and non-banking financial institutions.
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