ZestMoney, a Bengaluru – Karnataka, India-based digital lending startup, raised $13.4m in Series A funding.
The round was led by Xiaomi with participation from existing investors PayU, Ribbit Capital and Omidyar Network.
The company intends to use the funds to continue to develop its technology and data science capabilities.
Co-founded in 2015 by by digital finance & technology professionals Lizzie Chapman, Priya Sharma, and Ashish Anantharaman, ZestMoney provides a platform that enables instant account opening and real-time credit approval, combined with digital loan servicing and repayments technology. ZestMoney can help power lending decisions based on alternative data sources, enabling lenders to reach a wider market, as well as make decisions quickly and without manual underwriting.
The company partners with e-commerce companies, including Amazon, Flipkart, UpGrad and Zefo, to enable financing at the checkout, without a credit card.
Loans are issued by fully regulated lending institutions.