Zestmoney’s existing investors Naspers fintech, Quona Capital and Flourish also participated in this round.
With this funding, Zestmoney will focus on product development, forming more strategic partnerships and scale its platform to get more customers on board. The company has also recently announced a strategic partnership with Japan-based credit financing company Credit Saison, under which Zestmoney will allocate USD 100 million to expand digital lending in India.
In January 2019, Zestmoney raised funding by Alteria Capital, followed by USD 20 million investment from Quona Capital, Ribbit Capital, Omidyar Network and PayU, in April. The company had also raised about USD 13.4 million in extended Series A from Chinese smartphone maker Xiaomi, in August 2018.
ZestMoney is an AI-backed platform that offers lending services to consumers, who have limited access to credit cards or other formal financing options due to credit history gaps. ZestMoney offers instant account opening and real-time credit approval, along with small-ticket digital loan service and repayment technology.
The digital lending platform has partnered with more than 3,000 merchants from ecommerce, travel and education domain - including Amazon, Flipkart, Xiaomi, Myntra, Makemytrip and Pepperfry - to allow customers to make purchases through equated monthly installment (EMI) options, eliminating the need for a credit card or a credit score.
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