A Fintech startup ZestMoney raises $50 million from Australia’s Zip Co.

An Indian ‘buy now, pay later’ platform, has raised $50 million from Australian peer Zip Co Ltd. as part of its Series C funding round,  The startup, which has raised over $110 million to date, counts Goldman Sachs, Quona Capital, PayU and Xiaomi among its early backers. The BNPL company operates in 12 countries, serving more than 7.3 million customers and over 51,000 merchants.

Based in Bengaluru, founded in the year 2016 by digital finance and technology professionals, Priya Sharma, Lizzie Chapman, and Ashish Anantharaman. ZestMoney is a  FinTech company that uses digital EMI, without the need for a credit card or a credit score. The company believes that being able to pay in EMI should be available to everyone and not only those who hold a credit card or have a credit score. With the use of mobile tech, digital banking, and AI,

ZestMoney was made accessible to millions of Indian consumers. With a quick 3-step approval process Zest is accepted at over 10,000 online & 75,000 offline stores. the company is backed by leading global digital financial services investors like PayU, Ribbit Capital, Omidyar Networks among others.

“We believe India — along with many other emerging markets — will leapfrog traditional products like credit cards, going straight to digital payment solutions. Over the last year, we have seen applications for BNPL go up by 5X on our platform,” Chapman said. “We continue to invest in deepening partnerships with our merchant network and hiring the best talent. We strongly believe India will emerge as the largest BNPL market in the world over the next five years.”