MoneyTap is India’s first app-based credit line which offers instant online credit, making credit easily accessible to millions of Indians right when they need it, without any collateral or complex paperwork.
MoneyTap is catering to the credit needs of middle-class customers in India.
MoneyTap was founded in 2015 by Kunal Varma, Anuj Kacker and Bala Parthasarathy. The company is headquartered in Bangalore, Karnataka, India.
MoneyTap offers customers easy access to credit via a mobile app and is largely aimed at working professionals. The app offers instant loans starting from ₹3,000 to ₹5 lakh, charging 15-19% interest per annum.
MoneyTap’s unique line of credit products addresses the significant need for consumer credit that is seamlessly distributed to end-users. MoneyTap credit card brings you attractive rewards on the very first swipe along with discounts on food, fuel, and entertainment.
MoneyTap is backed by Aquiline Technology Growth (ATG), Prime Venture Partners, Sequoia India, RTP Global and others. The company raised RS 500 Crore ($70M) in a Series B round on Jan 27, 2020. This brings MoneyTap's total funding to $82.3M to date.