The Silicon Review ^Asia

ZestMoney has announced that it has raised $20 million in Series B. It is a startup that aids in consumers who have no credit history to get loans in order to buy online. The company was initially started by Lizzie Chapman (CEO), Priya Sharma (CFO/COO) and AshishAnantharaman (CTO). Since ZestMoney is a consumer-centric loan company it has brought it Quona Capital, Reinventure, Rebbit Capital, Omidyar Network and PayU.

The round has taken ZestMoney to a $42 million to date. In the past, the series A2 raise was about &13.4 million but it was led by Xiaomi the Chinese phone giant. Aiding companies like Flipkart and Amazon, the company (ZestMoney) has really made a difference. Over 800 merchants have been a part of ZestMoney’s venture. The banks believe that small loans don’t generate a return that makes the hassle worthwhile. That is ZestMoney came into the market, to aggregate the smaller customers and manages the details. Thus making it an attractive partner at scale for banks and everyone profits. That being said the fin-tech market is growing and evolving like never before. Only time will tell how things turn out in the future.