Indian lender PaySense scores $5.3m

Indian lending startup PaySense has raised $5.3m in a Series A round led by Jungle Ventures.

Naspers Group and Nexus Venture Partners also participated in the round that brings the company’s total funding to $7.6m.

The online lender allows users to borrow up to Rs 1 Lakh ($15,000) through its mobile app and web platform and make repayments through monthly instalments.

The Mumbai-based company also aims to make the process more efficient by managing credit scoring and documentation processing.

It counts more than 180,000 users and has distributed loans worth almost $45m in total to date.

PaySense says it will use the capital to expand its team, further develop its technology and expand beyond the nine Indian cities it currently operates across.

The company previously raised $2.3m in a round led by Nexus Ventures Partners and angel investors.

Copyright © 2017 FINTECH GLOBAL

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