PaySense raises $5.3 million from Jungle Ventures, Naspers and Nexus Ventures

Digital consumer credit platform PaySense announced their Series A round of funding of $ 5.3 million led by Singapore-based firm Jungle Ventures on Thursday. This round saw participation from South African conglomerate Naspers Group and existing investor Nexus Venture Partners, with whom the company had earlier raised a round of investment of $ 2.3 Million in 2015. Prashanth Ranganathan, co-founder, and CEO of PaySense said the funding will be used to enrich the product and build overall core capabilities.

Sayali Karanjkar, co-founder, and COO added that they want PaySense to become a trusted financial partner for the consumers and become the go-to solution for all financial needs. PaySense is available to those customers who do not own a credit card or have a credit rating based on no prior history.

Mumbai-based PaySense, made up of over 40 employees, is a technology and data science company building new financial products for an Indian consumer base. Its products and processes are simple and transparent with a one-time documentation on the mobile app.

The company tied up with India Infoline has distributed loans worth Rs. 30 crore till date to about 1.8 Lakh customers. Started in 2015, PaySense offers personalized and customized loans to its users in nine major cities including Mumbai, Delhi, Bengaluru, and Chennai. PaySense, with electronic documentation and one-time verification, can extend credit to its customers within hours.

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