India: Saas startup Moneytor raises funds from 500 Startups, others

Moneytor, a software start-up that automates the process of debt collection from defaulters, on Wednesday said it raised an undisclosed amount from 500 Startups, Yes Bank-backed accelerator ISME ACE and some other angel investors.

A SaaS (software-as-a-service) product, Moneytor helps financial institutions better manage collections from loan defaulters. A default on repayment of loan initiates a settlement process where the debtor is offered various terms to meet his or her obligation.

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