Quona Capital leads Series B round in digital lending startup ZestMoney

Digital lending startup ZestMoney on Tuesday said it has raised $20 million (Rs 139.4 crore at current exchange rates) in its Series B round of funding led by venture capital firm Quona Capital as the Bengaluru-based consumer lending fintech startup seeks to address the growing demand of equated monthly installments (EMI) financing in India.

Australian fintech investor, Reinventure, and existing investors Ribbit Capital, Omidyar Network and PayU also participated in the funding round, said ZestMoney in a statement.

The company will use the funding to upgrade technology and expand the acceptance of ZestMoney as a digital payment instrument both online and in-stores. The company will strengthen collaboration with its retailers, banks and non-banking financing companies (NBFCs) to develop a deeper and holistic ecosystem.

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