ZestMoney, a consumer lending fintech startup in India, today announced its Series B financing of $20 million, led by global fintech investor - Quona Capital, and with participation from Australian fintech investor, Reinventure, and existing investors Ribbit Capital, Omidyar Network and PayU. The new funding will support the company’s aggressive expansion plans for 2019 and address the growing demand of EMI financing in India.
Commenting on the announcement, Lizzie Chapman, Co-founder & CEO at ZestMoney, said “Digital affordability solutions are witnessing unprecedented growth in India, and this funding will help us in making EMI financing a reality for a billion Indians by accelerating our efforts to make ZestMoney ubiquitous.”
The company will deploy the investment primarily in technology and data science for expanding acceptance of ZestMoney as a digital payment instrument (online and in-store), as well as enhancing product capabilities, and acceptability. The firm will further strengthen its collaborations with retailers, banks & NBFCs to develop a deeper and holistic ecosystem.
“Quona Capital and Reinventure both have a long track record of funding successful fintech companies at growth stage, and this investment is a great validation of not only our mission, but also the achievements we have had in our journey so far,” Lizzie added.
Quona Capital invests in early and growth-stage financial technology companies in emerging markets. The firm has invested in Neogrowth, Fisdom, CreditMantri and SME Corner, among others in India. Quona has a strategic partnership with Accion.
“ZestMoney and Quona’s partnership is very symbiotic given the shared values of addressing big challenges in emerging markets fintech, market leadership through responsible high growth, and delivering financial accessibility to vastly underserved consumers. ZestMoney is uniquely positioned in one of the biggest growth markets in the world, and we are delighted to play a part in shaping the company’s success.”, said Ganesh Rengaswamy, Co-founder & Managing Partner at Quona Capital.
Reinventure is pioneering Founder-First Corporate Venture Capital. They champion founders who have the vision, ambition and hustle to transform an industry across Asia-Pacific and beyond, propelling them with the support of a top 20 banks globally.
Speaking on the association, Simon Cant, Reinventure said, “The founding team at ZestMoney has an unparalleled vision, and that made the company even more attractive for us. Powered by technology, I have no doubt that ZestMoney will lead India’s fintech future, and we are thrilled to become a part of it.”
This is the biggest Series B round raised by any consumer fintech company in India. Including the new round, ZestMoney has raised $42 million to date. Investors in the round include Quona Capital, Reinventure, Ribbit Capital, Omidyar Network and PayU.