The equity round was led by Aquiline Technology Growth, RTP Global and Sequoia India, along with a clutch of undisclosed South Korean and Japanese investors.
Existing investors Prime Venture Partners and MegaDelta also participated in the round.
Debt capital has been secured from Vivriti Capital, Credit Saison and others in the form of co-lending and credit lines.
MoneyTap, an app-based consumer credit provider, has a loan book of more than Rs1,000 crore.
The company, founded in September 2015 by Bala Parthasarathy —the former managing partner and founder of Prime Venture Partners — Anuj Kacker and Kunal Varma, targets customers in the 29-31 age group with average incomes of Rs 30,000-40,000 per month.
“We want to create reliable data-backed lending models that will determine risk behaviour, alternate credit scores, and creditworthiness of a customer,” Kacker said.
MoneyTap is a full-stack consumer lending company — and does everything from acquiring customers, running credit models, underwriting, onboarding, KYC, disbursement and management of re-payments.
The company secured an NBFC licence from the RBI last year.
A large portion of the debt raised will be used to kickstart those operations, Parthasarathy said.
“The ever-increasing digitization of India’s economy and financial services industry has created compelling opportunities, particularly for India’s emerging fintech companies,” said Max Chee, Head of Aquiline Technology Growth.
The company plans to use the fresh capital to scale up operations to over 200 cities, innovate with data-backed lending models and for hiring.
“…they have successfully balanced growth, profitability and book quality – three of the most important indicators of an enduring fintech business,” said Abheek Anand, Managing Director, Sequoia Capital India.