PaySense offers individuals, such as working professionals, credit options ranging from Rs 5,000 to Rs 1 lakh, and does the credit scoring as well as the documentation processes by leveraging the India Stack. “We will use the new funds to invest in our technology and also to expand our team. We also plan to take our product to more cities than the nine where we currently operate in,“ Sayali Karanjkar, Co-Founder of PaySense, said.
PaySense has 180,000 users and has disbursed loans worth Rs 30 crore in partnership with a non-banking financial company (NBFC).
Investors are increasingly seeing interest in the digital-lending space in the country, with several lending startups receiving funding in recent months.
“Financial services in India are still largely untapped, and people with good credit are also unable to get loans. PaySense has a team with capability in data sciences skills and underwriting skills, which understands these customers,“ said Anup Gupta, MD of Nexus Venture Partners. For Singapore-based Jungle Ventures, this is the first investment in a consumer lending startup in India, according to Amit Anand, founder of the venture capital firm.
“We have been interested in fintech in India and southeast Asia. There are especially white spaces in India when it comes to financial products. PaySense’s team has shown good understanding of the space and execution so far,“ Anand said.
Source: Economic Times