Bengaluru-based fintech Company ZestMoney has raised $20 million in its Series B round led by Quona Capital, a venture capital firm focused on financial technology prodcuts, according to a company statement on Tuesday.
Australian fintech investor, Reinventure, and existing investors Ribbit Capital, Omidyar Network and PayU also participated in the round.
The new funding will support the company’s expansion plans for 2019 which provides EMI-based financing for e-commerce purchases, and for other online purchases.
Founded in 2015 by Lizzie Chapman, Priya Sharma, and Ashish Anantharaman, ZestMoney previously raised $6.5 million seed funding in 2017.
ZestMoney employs its own credit scoring algorithms to do risk profiling of e-commerce consumers who opt for equated monthly installment (EMI) payment option and works with financial institutions to give loans to such consumers.