MoneyTap Bengaluru-based startup launched an app – based on the credit facility to its customer. Customers can borrow from 3k to 5lacs. The startup promises to process the credit application in a matter of minutes.
MoneyTap – Personal Credit Line
The interest rates for MoneyTap loans typically range from 13% to 18% annually. MoneyTap interest rate depends on your credit score, which is based on your repayment record, defaults, and bounced cheques.
According to MoneyTap:
- They have raised mix funding in debt and equity
- The funds will be used innovatively with the help of data-backed lending models.
- All debts are secured from Vivriti capital, credit Saison and others.
Aquiline Technology Growth, RTP Global, and Sequoia India, along with a clutch of undisclosed South Korean and Japanese investors, led the fresh funding to the company. Prime Venture Partners and MegaDelta, who are the company’s existing investors, also participated in the current round.
The Indian consumer lending market is estimated to reach $4 Bn-$5 Bn by 2023.
