: MoneyTap, India’s first App-Based Credit Line is now available in Hindi, making the app more accessible for consumers outside Tier-1 cities. MoneyTap, which is offered in partnership with banks, enables consumers to get instant credit at the tap of a button on the app. Since its launch in September 2016, India’s first app-based consumer credit line has attracted over five hundred thousand (500k) users and is on target to issue credit lines worth INR 300 crores by the end of the current fiscal year. In Delhi NCR alone, the company has seen a 600% growth rate in the region.
MoneyTap allows consumers to avail credit up to INR 5 lakhs through an easy eligibility process. The company is enthusiastic about their plans to tap into the local market. In a country of more than 1.3 billion people, more than 50% speak Hindi which is the official language in many states in North India. Local and regional languages hold the key for the next billion Indians to gain access to online and mobile services. We are looking at a country where many living in the rural areas are being exposed to cheaper data charges, rising disposable incomes, increased usage of internet and smartphone proliferation. The country is witnessing improvements in digital literacy in rural India, and people are increasingly looking to consume information in their local languages. According to a KPMG and a Google study, By 2021, an expected 201 million Hindi users, making up for 38% of the Indian internet user base,will be online.
MoneyTap is available on Android Playstore (http://bit.ly/moneytap) and is targeted at salaried individuals and self-employed professionals earning more than INR 20K per month. MoneyTap evaluates the user’s eligibility in less than 4 minutes after which it provides an instant, real-time decision on the application along with the amount they are eligible for. Against this limit, using the MoneyTap app, consumers can borrow as little as Rs. 3000 or as much as Rs. 5 lakhs and repay it as EMIs from 2 months to 3 years. The interest is paid only on the amount borrowed and the rates can be as low as 1.25% per month. The limit also gets automatically topped up as soon as EMIs are paid back.
Any salaried employee can use this free Android app and in a few minutes, using a patent-pending Chatbot interface, provide all the information typically required by banks. The app securely connects with the banking systems to give them not only an instant approval but also a credit limit, depending on individual credit history. As an added convenience for shopping needs, a “MoneyTap RBL Credit Card” is also provided for the user. This is a regular MasterCard Credit Card that is accepted at all locations and for all card purchases – offline and online.
The Bengaluru-based startup recently raised a total of $12.3 million in funding from Sequoia India, NEA & Prime Venture Partners. The credit line is offered in 14 cities across India and the company plans to expand to 50 cities in India by the end of 2017. Currently available in Hindi and Kannada, the company also plans to launch the app in other regional languages.
Anuj Kacker, Co-founder, MoneyTap
“We are thrilled about launching our app in Hindi. A large part of our consumer base is in North Indian cities such as Delhi, Jaipur and Chandigarh etc. Our aim is to address the frequent cash crunch that our consumers face on a regular basis. We want to make our product very flexible and convenient to the consumers, ensuring the credit is available to them whenever they need it, on a tap. Convenience through our technology platform is provided and extra efforts have been put in by us to ensure that deserving candidates get the right amount of credit at the right time without having to go through any hassle”
MoneyTap is a Bangalore-based consumer lending startup, founded by serial entrepreneurs Bala Parthasarathy, Anuj Kacker & Kunal Varma, all of who are IIT/ISB alumni. MoneyTap works in very close partnerships with various banks and other financial institutions to make the credit-lending process quick, painless and on-app. Bala has co-founded multiple startups in Silicon Valley including Snapfish (sold to Hewlett Packard), which he helped grow to 100M users and $300M in revenue. After moving to India in 2007, he volunteered for UIDAI under Mr. Nandan Nilekani before starting AngelPrime in 2011 (now Prime Venture Partners) where he helped create companies like ZipDial (sold to Twitter), EZETap, Happay, etc. Kunal (ex- Texas Instruments) & Anuj (ex Airtel & JWT) co-founded Tapstart that grew to 300K users and turned profitable in 2 years. They exited this venture in 2015. For further details, please visit http://www.moneytap.com/.