ZestMoney, which is run by Camden Town Technologies, has raised $13.4 million in a new round of Series A2 funding.
ZestMoney, which is run by Camden Town Technologies, has raised $13.4 million in a new round of Series A2 funding. The round, which brings total company funding to $22 million, was led by smartphone manufacturer Xiaomi. PayU previously led the company’s Series A investment with participation from the other existing investors — Ribbit Capital and Omidyar Network.
With the latest funding, ZestMoney will strengthen its technology and data science capabilities as well as expand use cases for the core ZestMoney Affordability Product — making it the digital consumer’s preferred lifestyle financing solution.
ZestMoney and Xiaomi co-launched Mi Finance last year, enabling Mi customers in India to afford Xiaomi products via a Cardless EMI.
ZestMoney also works with digital consumer partners, including Amazon, Flipkart, UpGrad and Zefo. This year they will expand into travel and healthcare as well as create additional flexible credit products to suit each stage of a user’s life.
“We are very excited to have Xiaomi as a new investor in the company given the success they have had in building digital credit products in China. They have built one of the most loved brands in India and they have a passionately consumer-focused philosophy which deeply resonated with our values as a company,” said Lizzie Chapman, co-founder and chief executive, ZestMoney.
ZestMoney gets 3 lakh applications per month and does more than 3 crores disbursals in a day. It is currently approving a loan every 7 seconds ranging from Rs 129 to Rs 4 lakhs and targets to reach a run rate of Rs 3,000 crore disbursal by December 2018.
ZestMoney has developed the leading technology platform for small-ticket, automated loan disbursal, including an AI-based decision engine. ZestMoney recently acquired PhotographAI an image-based AI company to further strengthen its AI capabilities.