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One of the online loan lending money Startup Money Tap raises $12.3 million from Sequoia Capital and Prime Venture Partners. The Startup targets salaried people who have salary of more than INR20,000 to give loan worth upto INR 5 Lakhs through instant approval. The company uses a proprietary algorithm based on credit score, transaction history and other relevant data points of the consumer to ensure the loan taking consumer’s genuinity!
At the occasion Bala Parthasarathy, co-founder, and CEO of MoneyTap said. “We are uniquely placed wherein we sit on top of banks and NBFCs. After downloading our app a consumer can within five minutes know if they are eligible for borrowing credit. They can then complete the KYC formalities on their phone and can borrow any amount under the limit they are eligible for,” said Bala Parthasarathy, co-founder, and CEO of MoneyTap.