PaySense, a Mumbai, India-based provider of a consumer credit line, raised up to $18m in Series B funding.
The round was led by PayU, an online payment service provider and Naspers’ fintech company, which invested $11.5m. This is PayU’s second round of investment in Paysense. Last year, PayU and Nexus Ventures had participated in the Series A round which was led by Jungle Ventures.
Led by Prashanth Ranganathan, Co-Founder and CEO, PaySense provides a digital loan, flexibility in loan plans and repayment options that run over 3 – 24 months. Its technology platform enables Indian consumers to access digital credit based on an alternative-data decisioning model, which leverages millions of data points to profile individuals based on their financial behaviors and social interactions of a vast number of potential borrowers.
The company will use the funds to invest in tech and team.
PaySense currently has a 90+ member team comprising of engineers, data scientists, product managers, and experts from finance, e-commerce and business development. Serving customers in over 50 cities across India, the company has disbursed over 60,000 loans in the last 12 months.