The lending startup will use the fund to invest in technology, data science, and launch its own non-banking financial company (NBFC).

In June 2017, MoneyTap raised $12.3 million in a Series A funding round led by Sequoia India.

Founded in September 2016, the app-based consumer credit provider targets customers in the 29-31 age group with average incomes of Rs 30,000-40,000 per month.

Some of MoneyTap’s competitors include ZestMoney, IndiaLends, and PaySense.

“MoneyTap has successfully balanced growth, profitability and book quality – three of the most important indicators of an enduring fintech business,” said Abheek Anand, Managing Director, Sequoia Capital India.