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Funding & finance: MPOWER Financing; Cashfree EMI and Quikr funding

MPOWER raises $110 million

MPOWER Financing, which provides educational fixed rate loans for (Indian) international and DACA students studying in the US and Canada, has raised $110 million led by Gray Matters Capital and Community Investment Management. It will use the funding for financing students going to US universities, its product and technology and expand its loan portfolio. It has partnerships with 200 US and Canadian universities, and will expand this lineup as well. The company says that it provides these loans without collateral, co-signer and co-applicant.

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Quikr raises Rs 55 crore in debt investment

InnoVen Capital has made a debt investment of Rs 55 crore in Quikr. Quikr claims to have had 95% revenue growth in FY18, and will use the venture debt to “grow its transaction businesses.” It also claims to have 30 million unique monthly users across its verticals.

Quikr has raised $350 million in equity so far from Tiger Global, Kinnevik, Warburg Pincus, Matrix Partners, Norwest Venture Partners, eBay, Nokia Growth Partners and others.

In December last year, HDFC sold its real estate brokerage platform HDFC Realty Limited, and HDFC Developers Limited (which runs the HDFC RED platform) to Quikr, for a reported Rs 350 crore, for a minority equity stake.

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Cashfree launches cardless EMI

Cashfree has launched a cardless EMI facility for its users, in partnership with ZestMoney. This service can be used to pay for online shopping including phones, electronics, travel etc. Cashfree claims that this will reach 40 million online shoppers over the next 12 months.

  • Last month, Cashfree added Amazon Pay as a payment option for its merchants and vendors. It claims to have 5000 online and offline customers who make and receive payments.
  • In October, Cashfree partnered with Ola Money to launch a deferred payments service which would let users pay for their purchases later through a short term credit. The loan could be between Rs 1500-20,000 depending on the user’s credit profile, and had to be paid within 15 days. The service was meant for users without a credit card, or did not use online banking services.

Written By

I'm a MediaNama alumna from 2015-16 (remember TinyOwl?) now back to cover e-services like food and grocery delivery, app based transport and policies, platforms and media in India.

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

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