The world has changed. Life has become a rush where you can’t afford to stop. Everything is available right on just a single touch, right from food, clothes, bookings, and even money transactions in today’s world. However, credit dealings were still an area of concern until MONEY TAP made it possible.
A Bangalore-based startup that claims to be India’s first app-based personal line of credit for consumers and lets you have a personal line of credit at your disposal, and gives you a hassle-free credit with money topped up in your account keep paying back the borrowed amount.
CEO AND CO-FOUNDERS
MoneyTap CEO Bala Parthasarathy is the co-founder of numerous startups in Silicon Valley. He has contributed gigantically to the development of Snapfish by social affair 100M clients and $300M in income.
Kunal Varma is also the co-founder of Moneytapserial entrepreneur, who established Whimsia Custom Works, an organization for tweaked products, and Aspirare, which plans learning projects and appraisal answers for work searchers and school graduates. Kunal, alongside Anuj Kacker, likewise helped to establish Tap start, a task disclosure stage.
Anuj Kacker is the COO of MoneyTap. Anuj has insight in different fields politeness of working with set up brands like Airtel, Reliance, and JWT. He helped establish Tap start, which developed to 300K clients and turned productive within two years.
Anuj left Tap started in 2015 to join MoneyTap.
With a bit of office in Mumbai and the central command in Bengaluru, the MoneyTap employee contained 30 individuals, according to 2019 information.
Founders of Moneytap | Image Source: Hard Core Gamers
MONEYTAP PROMISES STRONG BUSINESS FUNDAMENTALS.
MoneyTap sticks to solid business essentials since loans require detailed attention on bringing income through a revenue share with banking accomplices. Each time a client gets endorsed for admittance to a credit line for a lifetime, a minor expense of ₹500 is charged.
When the client goes through some cash for one year, the money is recuperated. Additionally, the common interest paid by the client alongside the handling expenses charged each time an individual acquires likewise expands profitability.
MoneyTap is intended to be a product organization running on the foundation of information science, innovation, and product thinking. It is additionally centered around minimal expense, tech-accommodating solutions to prepare towards expanded income.
ABOUT INVESTORS AND FUNDINGS
In June 2017, MoneyTap found investors like Sequoia India, New Enterprise Associates, Prime Venture partners for their Series A stage worth $12.3 million. Following raised funding worth $70 Million (₹500 Crore) in January 2020 from investors like Sequoia Capital India, RTP Global, Prime Venture Partners, Aquiline Technology Growth & MegaDelta Capital.
MONEYTAP: ACHIEVEMENTS AND ASSETS
MoneyTap has over 5 Million downloads with Right around 90% of MoneyTap’s clients who have been given credit lines are dynamic and have drawn credit on different occasions through the application. The average loaning size of the organization is ₹30,000 – ₹35,000, and the average age of the client is 28–30 years.
MoneyTap is currently functional in 60 major Indian cities, with most of its clients coming from the top metros like Delhi-NCR, Bengaluru, Mumbai, and Chennai. MoneyTap likewise claims to have its non-performing resources well inside the one per cent mark.
MoneyTap is not currently looking for acquisitions. However, Bala Parthasarathy stated that MoneyTap might connect with companies sharing similar interests and values.
FUTURE PLANS TO FOCUS ON EXPANSION AND REACH.
MoneyTap seems to expand to Tier II and III cities in India and worldwide business sectors with South East Asia and the Middle East.
The company currently states to have a loan book of ₹1000 crores and expects to make it ₹5000 crores by 2021 .they are aiming to expand their services to 200 cities in India and Build more partnerships in the banking sector.
The company now targets clients aged 29-31, with expected earnings of ₹30,000 – ₹40,000 every month, except it intending to contact bunches having a pay as low as ₹10000-15000 soon.
MoneyTap got an NBFC permit in September 2019 and plans to launch its own NBFC organization soon.
CONCLUSION
Internet and the easy availability of resources and options have made people more innovative, but only a few take full advantage of it. Few who are potential and creative enough to come up with some brilliant ideas and remember ideas are of no good if not executed. And Moneytap’s CEO and Co-founders have worked hard to achieve such a brilliant idea.
I am Sarang Mahajan, currently in my final semester of my bachelor's in Journalism and Mass Communication from Indira college. I thrive on specializing in Content writing and screenplay writing. I was part of two theatrical dramas for year-end convocation as an assistant director during my college years. We were taught Mass media, content writing, video editing, and photography. I have also written and directed a short film and have worked on few projects. I have also written for my college's yearbook. Writing and researching is something I really enjoy and which has developed naturally in me.
