<article>Bengaluru-based fintech startup<a style="color: #000080;" href="https://www.moneytap.com/" target="_blank" rel="noopener noreferrer"> MoneyTap</a> has raised $12.3 million in a series A funding round led by <a style="color: #000080;" href="https://www.sequoiacap.com/india/" target="_blank" rel="noopener noreferrer">Sequoia India</a>, the company announced on Wednesday.</article>

Bengaluru-based fintech startup<a style="color: #000080;" href="https://www.moneytap.com/" target="_blank" rel="noopener noreferrer"> MoneyTap</a> has raised $12.3 million in a series A funding round led by <a style="color: #000080;" href="https://www.sequoiacap.com/india/" target="_blank" rel="noopener noreferrer">Sequoia India</a>, the company announced on Wednesday.
The funding round also saw participation from Silicon Valley-based investor <a style="color: #000080;" href="http://www.nea.com/" target="_blank" rel="noopener noreferrer">NEA </a>and existing investor <a style="color: #000080;" href="http://primevp.in/" target="_blank" rel="noopener noreferrer">Prime Venture Partners</a>.
&#8220;With this fresh funding, MoneyTap plans to solidify its leadership position by improving credit accessibility for other segments of customers, partnering with six other banks and NBFCs and expanding to 50 cities in India by the end of 2017,&#8221; MoneyTap said in a statement.
Founded by entrepreneurs Bala Parthasarathy, Anuj Kacker and Kunal Varma in September last year as an app-based consumer credit line, MoneyTap currently claims to have about 3 lakh users.
The startup is also working towards achieving the target of issuing credit worth Rs 300 crores by the end of the current fiscal. Currently, it has only announced partnership with RBL Bank.
&#8220;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,&#8221; said Parthasarathy, co-founder and CEO of MoneyTap.
MoneyTap targets salaried individuals with salary upwards of Rs 20,000 every month. With the tap of a button, the app lets a borrower as little as Rs 3000 or as much as Rs 5 lakhs depending on the credit limit that is set by its banking partners.
&#8220;Consumer credit in India is highly underpenetrated and is a complex problem to solve. MoneyTap combines an experienced team with a thoughtfully designed product and their strong early traction is a testament to the efficacy of their approach to address this massive market opportunity,&#8221; said Abheek Anand, Principal at Sequoia Capital India Advisors.
The company claims to have got over 300,000 app downloads since the launch.
Also Read: <a style="color: #ff0000;" href="https://www.dealstreetasia.com/stories/sequoia-capital-raises-2b-for-global-fund-tops-up-india-china-growth-funds-74259/" target="_blank" rel="noopener noreferrer">Sequoia Capital raises $2b for global fund; tops up India, China growth vehicles</a>
<a style="color: #ff0000;" href="https://www.dealstreetasia.com/stories/70723-70723/" target="_blank" rel="noopener noreferrer">India: Sequoia Capital sells stake in 8 portfolio companies to Madison Capital for $180m</a>
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India: Sequoia Capital leads $12.3m funding in MoneyTap

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India: Sequoia Capital leads $12.3m funding in MoneyTap

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