Online loan provider Paysense raises $ 5.3 million in funding

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Paysense has a link with the non-bank lender IIFL for the distribution of its loans.

Bombay: Paysense, a technology-focused loan distributor, said Thursday it had raised $ 5.3 million in a funding round led by Jungle Ventures. Naspers and Nexus Ventures also participated in the Series A financing, the company said in a statement. Two-year-old Paysense defines itself as a technology and data science company. Its first product is a credit platform that provides customers with a variety of credit options for their needs, the company said in a statement.

At present, he has a link with the non-bank lender IIFL for the distribution of his loans.

“Giving credit to people who already have a history is easy, our mission is to democratize credit by making it just as easy for people with no history and no paperwork,” said Paysense co-founder and CEO Prashanth Ranganathan.

“There are going to be a few mega-businesses being formed in this space and the PaySense team has shown great understanding and traction on various aspects needed to become a category leader here,” said said Amit Anand, Founder and Managing Partner of Jungle Ventures.

This is Nexus’ second participation in an investment round in the company.

He led a $ 2.3 million seed funding in 2015 in which some angel funds were also involved.

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