MoneyOnClick, has raised $2.15 million(Rs 15 crore) seed funding from 3one4 Capital, Kalaari Capital, Orios Venture Partners. The fund will be used for hiring and to improve its technology.
Founded in 2018, MoneyOnClick is a provider of a lending platform to consumers who doesn’t fall within the margins of the formal banking system due to the lack of their credit history or low credit ratings. MoneyOnClick while keeping very low default rates, aims to provide unsecured loans to these customers especially those residing in Tier II & III markets.
By doing this, the company aspires to solve problems of all those borrowers who are being forced to seek credit from unorganised lenders at present that too charging high-interest rates. It aims to secure more ‘new to credit’ (NTC) consumers as well providing them credible and easy access to personal loans.
Vishal Chopra and Himanshu Gupta, before founding MoneyOnClick, worked as seniors at fintech start-up Lendingkart that recently raised $76 million in funding.
Vishal holds an MBA from Indian School of Business, Hyderabad and had also worked with Souq.com Dubai (an Amazon portfolio company) as regional director and head of the seller marketplace. Similarly, Himanshu holds a BTech from Indian Institute of Technology, New Delhi and had also worked with IHS Markit, a global analytics giant listed on NASDAQ and IBM research.
Vishal Chopra, co-founder at MoneyOnClick said, “These funds would enable us to hire leadership and operations teams,”. The fund will also be deployed in strengthening its core technology with a machine-learning based credit underwriting and risk assessment platform.
Anup Jain, Managing Partner at Orios Venture Partners said, “This fintech business is addressing a large and known gap in the lending space in India that goes beyond Tier 1 cities. Indian retail lending is expected to touch $1.3 trillion by 2025 and unsecured personal loans are expected to be around $200 billion. MoneyOnClick, no doubt, will disrupt this space with their unique go-to-market strategy and use of technology”.