Mumbai-based fintech startup PaySense has raised $5.3 Mn Series A funding led by Jungle Ventures, along with Naspers Group and Nexus Venture Partners.
Founded in 2015 by Sayali Karanjkar and Prashanth Ranganathan Paysense is a financial services startup. The startup provides credit using advanced data sciences. It is available in nine cities including Mumbai, Delhi NCR, Bengaluru and Chennai. The startup will use the newly raised funds for team expansion and to improve its technology and for pan-India expansion.
PaySense offers individuals credit options ranging from INR 5,000 to INR 1 Lakhs. The credit scoring and documentation process is done by leveraging the India Stack. Users can avail EMI plans to make any purchase online and offline.
As per a company statement, PaySense’s first product is a flexible credit platform that provides customers a variety of credit options for their needs. PaySense EMI is a personalised line of credit similar to a personal loan that can be used to make any purchase, offline or online, instantaneously by putting it on an affordable EMI plan. It is set-up and operated using the Android app or website. One can use the full credit amount available at one time for a big purchase or flexibly use it like a string of multiple EMIs for various smaller purchases, as needed by the consumer.
As per the company website, Paysense has partnered with financial services player and a diversified NBFC IIFL, as its RBI-regulated lending partner. IIFL is a well-established national financial services company serving 35 Lakh customers from 2,250 service locations and over 1,000 branches across India.
The company claims to have disbursed about $4.66 Mn (INR 30 Cr) in partnership with NBFCs.
Anup Gupta, MD of Nexus Venture Partners said, “Financial services in India are still largely untapped and people with good credit are also unable to get loans. PaySense has a team with capability in data sciences skills and underwriting skills, which understands these customers.”
The Indian fintech market is forecasted to touch $2.4 Bn by 2020, a two-fold increase from the current market size. Lending and payments, in particular, have paved the path for this unprecedented growth. Last week, Pune-based fintech startup EarlySalary (run by Social Worth Technologies Pvt. Ltd) raised $4 Mn Series A funding from IDG Ventures India (IDGVI) and Dewan Housing Finance Corp Ltd (DHFL). Other players in this segment include Capital Float, Lendingkart, FlexiLoans, KredX, etc.
