Consumer lending startup MoneyTap on Monday said it has raised Rs 500 crore in a Series B funding round led by Aquiline Technology Growth (ATG), RTP Global and Sequoia India.
Existing investors Prime Venture Partners and MegaDelta have also participated in the round, the company said.
MoneyTap will use the money to grow its loan book to ₹5,000 crore in the next 12-18 months, invest in technology, data science, and launch its own non-banking financial company (NBFC).
“Our mission has been to provide credit to the growing middle-income groups, in the most flexible, convenient and affordable manner, with money being available to the customer on tap. We will use this funding to scale our business, innovate with data-backed lending models and continue to hire aggressively. We will also use the funds to expand our credit offerings via our own NBFC," Anuj Kacker, co-founder of MoneyTap, said in a statement.