your password has been reset successfully, Please login again.

PaySense secures $18Mn fund from PayU and others

PaySense which has hit the Rs 50 crore monthly disbursement rate already is targeting to double it within the next few months.
BY BEx Bureau
BusinessEx
Jul 20, 2018

Mumbai based technology and data science company PaySense has raised $ 18 million in its series B round of funding led by PayU, the round also saw participation of its other existing investors Jungle Ventures and Nexus Venture Partners. PayU which had first participated in the Series A round, pumped in $11.5 million this time.

PaySense works in the space of digital lending where it processes loans for customers who might not have a credit card and would need instant credit for a specific purpose. The startup however does not lend from its own book and relies on non banking finance company India Infoline, its lending partner to process the loans.

PaySense is leveraging the IndiaStack platform very well to create additional capabilities beyond those of the traditional credit bureaus to generate strong underwriting of retail loans, said Siddhartha Jajodia, global business head for credit at PayU. With these investments we intend to tap into the emerging middle class of India and provide them with easy access to formal credit.

This is PayUs second major investment in the digital lending space in India, the other one being in Zest Money a consumer check out financing startup. PayU also invested recently in Peter Thiel backed German startup Kreditech.

Naspers backed PayU which is a global digital payments player, has been betting majorly in the lending business to expand its scope of operations.

Though payments is a major business for us globally, credit is also emerging as a critical component of our business, said Jajodia.

PaySense which has hit the Rs 50 crore monthly disbursement rate already is targeting to double it within the next few months. Further the company is also trying to hire more people to strengthen its tech and data analytics team.

We are constantly innovating to serve this population using net new ways of assessing these customers through our instant credit decisioning models. We enable access to a wide array of customized credit products that serve their lifes needs - whether its aspirational e-commerce purchases, family vacations, home renovations or a medical emergency," said Prashanth Ranganathan, chief executive officer at PaySense,

Founded by Ranganathan and Sayali Karanjkar, PaySense had first raised $2.3 million in 2015 from Nexus Venture Partners and few angle investors. In 2017, the company had raised its Series A round of $5.3 million led by Jungle Ventures.

Please add your Comment
SIMILAR News
February 21, 2019
A day back, Supreme court ordered Anil Ambani led-RCom to disburse INR 453 crore within four weeks, ...More
By Jaspreet Kaur
February 21, 2019
DCC, on Thursday, held a meeting to discuss the revival plan of BSNL and MTNL. ...More
By Jaspreet Kaur
February 20, 2019
Airbus, an aerospace major, has established a training centre in north India. ...More
By Jaspreet Kaur
February 20, 2019
Government has launched the second report of states’ ranking 2019 as per the decided framework. ...More
By Jaspreet Kaur
February 19, 2019
Union minister, Suresh Prabhu informs that the ministry has altered the definition of startups. ...More
By Jaspreet Kaur
February 15, 2019
At present, tech companies are concentrating on improving the customer experience. ...More
By Jaspreet Kaur
February 13, 2019
Ramapai is a veteran in the industry and carries up to 24 years of experience. ...More
By Jaspreet Kaur
February 12, 2019
CAPA foresees that the Indian airlines will cut accumulative losses up to $700 million in FY19. ...More
By Jaspreet Kaur
February 12, 2019
Reliance Home Finance has released its Q3 report and proclaims to earn INR 55 crore following tax de ...More
By Jaspreet Kaur
February 11, 2019
The automotive company shared Q3 reports Financial Year 2018 on Monday. ...More
By Jaspreet Kaur
February 11, 2019
German bank and financial services company, Deutsche bank makes the largest infusion in the country ...More
By Jaspreet Kaur
February 09, 2019
Delhi High Court has banished plea for regulating content on Netflix and Amazon Prime. ...More
By Jaspreet Kaur