FinTech startup PaySence has raised Series A funding of $5.5 MiIlion in the latest funding round. The funding round was led by Jungle Ventures and supported by Naspers Group and Nexus Venture Partners. Earlier in 2015, the startup raised seed funding of $2.3 million from Nexus Venture Partners and a few other angel investors.
The Mumbai-Based startup was founded in 2015 by Prashanth Ranganathan and Sayli Karanjkar. PaySense is a fintech startup focused on bringing innovative financial services to Indian consumers. The startup offers individuals credit options ranging from INR 5,000 to INR 1 Lakhs.
Commenting on the investment, Sayali Karanjkar, co-founder of PaySence, said, ” We will use the new funds to invest in our technology and also to expand our team. We also plan to take our product to more cities than the nine where we currently operate in.”
PaySense has 180,000 users and has disbursed loans worth Rs 30 crore in partnership with a non-banking financial company (NBFC). The startup has also partnered with financial services player and a diversified NBFC IIFL, as its RBI-regulated lending partner.
Recently, another FinTech startup, Telr has also raised funding from Innovation East Funds.
Amit Anand, the founder of the venture capital firm Jungle Ventures, said, “We have been interested in fintech in India and southeast Asia. There are especially white spaces in India when it comes to financial products. PaySense’s team has shown the good understanding of the space and execution so far.” Read more about Indian Startup Ecosystem.