Bangalore-based consumer lending startup ZestMoney has secured $6.5 million in a Series A round of funding led by online payments platform firm PayU, which invested $3.7 million for a 20% stake. Existing investors Ribbit Capital and Omidyar Network also participated in the round.
The investment in ZestMoney comes on the back of PayU’s $130 million Citrus Pay acquisition and is in line with the company’s strategy to grow its financial services footprint.
Founded in 2015 by Lizzie Chapman (CEO), Priya Sharma (CFO) and Ashish Anantharaman (CTO), ZestMoney is a technology platform that facilitates EMI payment option for products purchased online or offline with partner merchants without the need for credit card.
