ZestMoney, an India-based fintech, announced this week it secured $15 million through its Series B investment round, which was led by Goldman Sachs with participation from Naspers Fintech, Quona Capital, and Omidyar Network. Founded in 2015, ZestMoney stated that it helps everyone “live their dream today and pay in affordable equated monthly installments (EMIs).”
“ZestMoney is the largest and fastest growing consumer lending fintech company in India founded by Lizzie Chapman, Priya Sharma and Ashish Anantharaman in 2015. ZestMoney is built as a platform that can meaningfully improve the lives of more than 300 million households in the country, who currently have no access to credit cards or any other formal financing options because of insufficient credit history. ZestMoney’s unique platform uses mobile technology, digital banking and Artificial Intelligence to make life more affordable to millions of Indian consumers.”
Along with Goldman Sachs, ZestMoney is backed by global digital financial services investors like PayU, Ribbit Capital, Omidyar Network among others. The Series B funding will be used to continue the growth and development of the ZestMoney platform. TechCrunch reported that Managing Director at Goldman Sachs, Philip Aldis, stated the investment in ZestMoney will enable more access credit to households in India. He revealed in a statement:
“We look forward to leveraging our global experience and network for the continued growth of ZestMoney.”
Chapman then shared with the media outlet the new investment is part of an extended Series B round, the first tranche of which was announced in April this year. The round brings ZestMoney’s total raise to-date to $63 million.