Times Internet’s ETMoney has crossed 10 lakh transaction on the platform, Mukesh P Kalra, founder and CEO of ETMoney, and ETInsure.com, announced via a tweet. He also added in that the platform is now doing 2 lakh transactions per month, and that 1.5 lakh users invested via the platform.
Boom!! Crossed Millionth transaction on @ETMONEY platform.More importantly, at rapid pace with high repeats/user.Doing ~2L transactions per month now!! Thanks to our awesome users!! Kudos to the team!! Eyeing 100x from here in lesser time. @satyan @gsinha @santoshn #JustBegun pic.twitter.com/ItFxkCNHtT
— Mukesh P Kalra (@kalramukesh) July 6, 2018
ETMoney is a personal expense management app which allows users to invest in mutual funds, gold deposits, liquid funds etc, buy insurance, manage expenses and more. In May, ETMoney entered into the lending space with the launch of a new service called CreditLine on its platform, in partnership with RBL Bank.
Financial services space
A day before we reported that Indian e-commerce giant Flipkart is all set to enter the financial services space with a focus on offering credit and insurance products to both consumers and sellers on its platform. For this, the company has reportedly begun the process of applying for an NBFC (Non-Banking Financial Company) license and will commence its fintech services with microlending and micro-insurance for purchases on its website. In the long run, the company plans of moving to products such as general and life insurance, beyond its platform.
In terms of digital lending, space is crowded with players like CoinTribe, NeoGrowth, Paytm-backed CreditMate, CASHe, LendingKart, MoneyTap, EasySalry, Faircent, Loantap, LoanMeet amongst others.
This week, online lending startup LoanTap closed its third round of equity funding of $6.25 Million led by Shunwei Capital. Other investors like Tuscan Ventures, Ashish Goenka, and existing investors like India Quotient and Kae Capital also participated in the round.
In June, CoinTribe raised Series B funding $10 million led by Sabre Partners along with participation from existing investor, Puneet Dalmia.
In May, Capital Float raised debt funding of 6 million euros (₹48 crores) from the Netherlands- based asset management company, Triodos Investment Management (Triodos IM), a wholly-owned subsidiary of Triodos Bank. This was a week after it raised $22 million (Rs 144 crore) from e-commerce giant Amazon & existing investors.
Even, California-based fintech company Tala said that it is bringing its lending app to India. This expansion was announced along with a new $50 million Series C funding.
Payments company Mobikwik is also gearing up to tap lending space. It recently announced the appointment of Vinayak N as its new head of the Lending Business at MobiKwik. Vinayak will help the company to kick-start the lending business for MobiKwik.