MoneyTap, a Fintech described as India’s first App-based credit line, has enlisted the assistance of Upgrade founder and CEO Renaud Laplanche to the company’s advisory board. Laplanche is also the founder and former CEO of LendingClub, the first marketplace lending platform to go public in the US.
MoneyTap allows consumers to borrow up to ₹ 5 Lakh (or ~$6600) in a personal line of credit.
A report from this past January indicates that MoneyTap has experienced rapid growth and now claims a loan book of Rs 1,000 crore (about $150M) in four years. MoneyTap received was licensed by the Royal Bank of India in 2019.
Upgrade recently closed a $40 million Series D funding round that delivered a $1 billion valuation to the early stage Fintech.
Bala Parthasarathy, CEO and co-founder at MoneyTap, told BW Online:
“With a proven track record of building large companies, Renaud brings invaluable experience in product strategy & growth to help accelerate our mission of providing affordable credit to tens of millions in the region and bolster our leadership position in the ecosystem.”
India has emerged as a hot Fintech market in the past couple of years. A largely underserved market, India benefits from the wide adoption of connected smartphones.
