MoneyTap, an Indian app-based credit line Fintech, has recently bagged the non-banking financial company (NBFC) license from the Reserve Bank of India (RBI).
Starting with the goal of providing a flexible borrowing experience on its app by partnering with Banks & NBFCs, Bangalore-based MoneyTap has achieved several milestones since its inception in 2016.
Available in more than 50 cities of India, MoneyTap, 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.
With this new license, MoneyTap aims to further scale its business and deepen its existing Bank/NBFC partnerships, through a strong focus on tech innovation, inclusive growth and hybrid lending strategies.
“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, COO & Co-founder of MoneyTap.