◆PayU on Friday announced it had made an investment of $11.5 million in Mumbai-based consumer lending startup PaySense, as part of a Series B funding round of $18 million.
◆Existing investors Jungle Ventures and Nexus Venture Partners also participated in the round.
◆Mumbai-headquartered PaySense is targeting to be a risk assessment provider for 160 million Indian households currently underserved by the lenders, a statement from PayU.
◆ Speaking about the investment PayU Said ,"Our mission at PayU has always been to democratise credit across all our markets. Companies like PaySense encompass everything we're looking for - a great product, an outstanding team and an extensive market opportunity. We’re excited to continue to synergise forces with PaySense, and are positive that this investment will help us strengthen our position in the consumer lending space in India. We believe India’s fin-tech story is just getting started and will continue to invest in this space”.
◆Prashanth Ranganathan, Co-Founder and CEO, PaySense, added,"We continue to invest in our tech and team to deliver an exceedingly simple, fast and fully-digital process for our customers. At this time, it’s opportune to bolster our relationship with PayU, as we share an allied vision of enabling more consumers in India to access the digital credit sector. The consumer lending market in India is ripe for disruption and this capital will equip us to focus on this huge, untapped market potential.”
Paysense
◆PaySense is an online application that helps users to apply for personal and business loans.
◆It was founded in 2015 by Sayali Karanjkar and Prashanth Ranganathan in Mumbai, Maharashtra ,India.
PayU
◆PayU is a leading financial services provider in global growth markets.
◆It was founded in 2007.
◆As a leading online payment service provider, they deploy more than 300 payment methods and PCI certified platforms to process approximately 1.2 million payments every single day.