Many times in our life, we just need a small financial push to realize our dreams or fulfill our needs. In today's organized money market, we turn to banks and other financial institutions for getting credits for various purposes. However, its not always easy to get a loan. From documentation, to your current income and credit history there are lots of parameters that you need to fulfill to get a credit. Thankfully the scenario is changing now, and many financial and fin-tech startups are coming up with innovative ways to make borrowing easy and quick for customers. Bangalore based ZestMoney is one such fin-tech startup that is making borrowing possible for people who have insufficient credit history. Let's know more about this startup that is making life easy for millions of Indian's by providing easy access to credit.
ZestMoney – Company Highlights
|Founders||Lizzie Chapman, Priya Sharma, Ashish Anantharaman|
|Parent Organization||Camden Town Technologies Private Limited|
ZestMoney is a platform that uses mobile technology, digital banking and Artificial Intelligence to make getting loan easy. While many lending organizations hesitate to lend money in the absence of proper credit history, ZestMoney is the platform that do not see absence of credit history as a barrier in getting a loan. ZestMoney through its AI-based machine learning decision engine, creates a risk profile for every borrower. The ones who do not have sufficient credit history, just needs to provide some additional information based on which ZestMoney's Decision Engine analyzes the credibility of the borrower and lends him money.
The products of ZestMoney includes 'credit limit' also called ZestMoney EMI and personal loan. To be able to access the ZestMoney Credit Limit, one just has to sign up with ZestMoney and complete the KYC process. Once approved, a user is assigned a credit limit based on his eligibility, and the user can use this credit limit to make payments to ZestMoney's 3000+ merchant partners. ZestMoney has partnered with leading brands from different categories like Amazon, Flipkart, Myntra, SleepyCat, Xiaomi, NestAway, UpGrad and many more.
The company's lending partners include DMI Finance, Fox Capital, PACE Finance, Northern Arc, SMC Finance, Nahar Credits, InCred, Muthoot Finance, CSB Bank, Ghalla Bhansali, IIFL and Hedge Finance.
ZestMoney offers personal loans only to the customers who are using ZestMoney's 'Credit Limit' service. As such one who wants to take a personal loan from ZestMoney needs to apply for ZestMoney 'Credit Limit' first.
ZestMoney - Founders
ZestMoney Founder trio Lizzie Chapman from London, Priya Sharma from Delhi, and Ashish Anantharaman from Mumbai, were associated with a UK-based finance company called Wonga.
Lizzie, Priya and Ashish observed that Online Credit Transaction facility was not up to the mark in India. Also getting credit was not easy for those who do not have proper credit history. With their knowledge and experience,they wanted to create a solution to resolve these uses, which led them to start ZestMoney in 2015.
Currently Lizzie Chapman is the CEO of ZestMoney. Priya Sharma is the COO & CFO of ZestMoney, and Ashish Anantharaman is the CTO of the company.
ZestMoney now has over 200 employees.
ZestMoney - Name, Tagline & Logo
The word 'Zest' stands for positive feelings like enthusiasm, zeal and passion, and thus the word 'Zest' in 'ZestMoney' represents the quick lending of money by ZestMoney thus making borrowing money a happy process rather than a matter of concern. The tagline of the company is ‘EMI for everyone’.
ZestMoney - Funding & Investors
ZestMoney has raised around $57 M from 6 rounds of funding.
|September 2015||Seed||$2M||Nelson Holzner, Omidyar Network|
|December 2016||Series A||$6.5M||PayU|
|August 2018||Series A||$13.4M||Xiaomi|
|January 2019||Debt Financing||-||Alteria Capital|
|April 2019||Series B||$20M||Quona Capital|
|December 2019||Series B||$15M||Goldman Sachs|
ZestMoney - Competitors
Finzy, LazyPay, Snapmint, and KredXIndia are some of the major competitors of ZestMoney. ZestMoney continues to grow with its well-built team and processed banking technologies.
ZestMoney - Growth & Future Palns
ZestMoney earns commission from merchant partners, lending partners and also from borrowers. As per growjo.com, ZestMoney's estimated annual revenue is $26.1 Million per year. In 2019, ZestMoney reported that the company receives 500,000 applications a month, and they expected the numbers to increase more.
In 2019, the company also had NPS rating of 75, which is higher than that of Amazon and Uber.
The company plans to expand its product development and partnerships with increased run rate in the future. While several ZestMoney Merchant Partners like Xiaomi, Titan and Croma, accept ZestMoney EMI at offline stores, the company is partnering with more such merchants which will allow customers to pay using ZestMoney EMI in more offline outlets.