Bengaluru-based digital lender MoneyTap announced it has received the Non-banking Financial Company (NBFC) license from the Reserve Bank of India (RBI).
MWYN Tech, which operates MoneyTap, aims to scale its business and deepen its existing Bank/NBFC partnerships through a strong focus on tech innovation, inclusive growth and hybrid lending strategies.
MoneyTap was founded in 2016 by Anuj Kacker, Bala Parthasarathy and Kunal Varma.
MoneyTap serves in more than 50 cities in India and has created a total loan book of Rs 1,000 crore and has achieved a disbursal run rate of Rs 2,500 crore a year.
“India has a huge middle-class population that often needs additional funds to manage unexpected expenses, weddings, travel, education, festive shopping, etc. This is where a credit line comes in handy. An NBFC license will play a crucial role in further streamlining our business and accelerating innovation while keeping the customer at the centre,” said Anuj Kacker, chief operation officer and co-founder, MoneyTap.
South Africa Today