MoneyTap, an app-based lending start-up, is now available for in Kannada as it starts foraying into other Indic languages. The company is planning to launch the app in Hindi and Telugu soon. The app was initially launched in English and has issued close to Rs 20 crore in credit in Bangalore.
Screenshots sent in, however, showed that the app does not completely translate all the options in Kannada and there are still many options are still in English. Still, that’s a beginning.
Most apps in the fin-tech space and have only options in English and language barriers is a hurdle in their adoption by the masses. Many apps hurriedly added Indic language support following the demonetization drive in November 2016 as most of the masses were excluded.
Paytm currently supports 10 Indian languages: Hindi, Tamil, Telugu, Gujarati, Marathi, Bengali, Kannada, Malayalam, Oriya and Punjabi. Flipkart owned PhonePe also supports Hindi and Tamil, apart from English. Meanwhile, Paytm’s competitor MobiKwik added Indic language support on the Lite version of the app in November. The much touted BHIM app added indic language support only in April this year. ICICI Bank launched a mobile banking app focused on rural consumers which allowed them to make fund transfers, including with UPI option, in 11 Indian languages.
MoneyTap raised $9 million in Series A funding led by Sequoia India, New Enterprise Associates (NEA) and Prime Venture Partners in June. It offers a credit line of Rs 5 lakh to salaried professionals without any collateral. It has partnered with RBL Bank to offer the credit line but the company says that it will be partnering with six other Banks and NBFCs. MoneyTap also plans to expand to 50 cities by the end of 2017.
MoneyTap is different from other lending startups in that customers will be able to borrow against the credit line. Customers do not pay interest on the credit line amount but instead can borrow smaller amounts, say Rs 3,000, and pay interest only on the amount. The company says rates can be as low as 1.25% per month. The limit gets automatically replenished as soon as EMIs are paid back.