ZestMoney raises $50M in Series C round
ZestMoney announced that it has raised $50 million in a Series C round from global Buy Now, Pay Later provider Zip Co Limited.
The latest funding is a part of a larger Series C fundraise, which will have participation from existing investors.
As part of the investment, Zip will gain a minority shareholding in the company and a board seat.
The Buy Now, Pay Later company plans to use the freshly raised funds to increase the product suite, develop the transaction network, strengthen its balance sheet capacity, and roll out new business lines in insurance and savings.
Speaking about the funding, Lizzie Chapman, CEO and Co-founder, ZestMoney said, “We are thrilled to have Zip come onboard for the next phase in our journey of powering affordability in the lives of Indian consumers. This is a deep validation of our position as a market leader in the Buy Now, Pay Later category in India.
“The shift towards Pay Later solutions is a global phenomenon and represents young digital consumers looking for transparency, honesty and no hidden charges in financial products.”
“Over the last year, we have seen applications for BNPL go up by 5X on our platform. We continue to invest in deepening partnerships with our merchant network and hiring the best talent. We strongly believe India will emerge as the largest BNPL market in the world over the next five years.”
Established by Lizzie Chapman, Priya Sharma, and Ashish Anantharaman in 2015, ZestMoney enables customers to pay for products over time but enjoy them instantly. Growing smartphone penetration, the cheapest data plans in the world, and a growth in online shopping have driven the demand for Pay Later offerings in India.
Larry Diamond, CEO of Zip Co, said they were excited to partner with ZestMoney to “drive fair and responsible payment solutions in India”.
“With more people using digital payments and choosing online shopping, ZestMoney can positively impact hundreds of millions of lives in the coming years. With deep partnerships with online and offline merchants and lending partners, Zest Money is poised to accelerate growth as the market develops,” Larry said.
Zest Money seems to have smartly leveraged the market dynamics and established a strong presence in the market. I’m sure the company will continue to prosper in its journey ahead. My best wishes to the team of Zest Money.Shishir Gupta, Founder and CEO, StartupLanes
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