MoneyTap introduced the concept of Credit Line: Bala Parthasarthy, MoneyTap

MoneyTap is India’s first app-based lending platform that enables easy access to instant credit of upto INR 5 lakh for salaried and self-employed professionals.

Founded in 2015 by Bala Parthasarthy, MoneyTap has garnered over 5 million app downloads since inception. The MoneyTap app provides its users with instant pre-approved credit limit within 4 minutes through online verification of information like PAN card details, address proof, one ID proof and company email id.

From being a serial entrepreneur to a venture capitalist, Bala has been a part of the start-up ecosystem for nearly two decades and has founded 3 companies, one of which, Snapfish, was acquired by Hewlett Packard in 2005.

Manish Joshi from NewsBarons connects with Bala Parthasarthy who informs ‘We have built a collateral free and highly interactive digital lending platform that allows users to have access to instant credit’.

NB: Tell us about Moneytap?

Bala: MoneyTap is a paperless, presence-less, digital lending platform that allows borrowers to avail instant, collateral-free loans through an app. Our product is tied-in with several banks serving as our lending partners. Although all the actions are initiated by the app, the actual financial transactions like billing, withdrawals or repayment are carried out by the partner bank using secure APIs. Consumers need not have a bank account with the partner bank to avail the services of MoneyTap.
Bala Parthasarthy

The fintech-driven platform of MoneyTap provides customers with the ability to have instant and efficient access to money at all times, regardless of holidays. MoneyTap is the first money-lending platform that introduced the concept of “Credit Line” which allows salaried and self-employed professionals to avail credit at affordable interest rates and convenient EMIs. Since lower amounts are considered high-risk proposition by the banks, fintech services have become a boon for young professionals who may need to borrow smaller sums to pay for unexpected expenses in the middle of their pay cycles.

NB: How can customers apply for instant loans?

Bala: Customers can apply for the MoneyTap Credit Line by providing their details on the app and find out their pre-approved limit within just 4 minutes. It is a 100% online process that requires no paperwork or bank visits, everything happens on the smartphone. Once the MoneyTap Credit Line is set up, customers can transfer money to their bank accounts instantly. Moreover, they get access to funds from their credit line on the app 24×7 and can borrow it anytime, anywhere – irrespective of holidays.
MoneyTap’s services can be availed through its free mobile app for both Android & iOS devices.


  • MoneyTap has raised $12.3 million from Sequoia India, New Enterprise Associates (NEA) and Prime Venture Partners
  • Loans seeked for purpose like wedding, emergency, paying of utility bills, festivals, travel and education
  • Presence in 40 cities with plans to reach 100 cities by year end
  • Target of INR 2000 crore loan disbursal this year
  • RBL bank is MoneyTap’s current banking partner


NB: Tell us about credit limit, interest on borrowed amount and repayment period?

Bala: Using the MoneyTap app, consumers can borrow as little as INR 3,000 or as much as their credit limit multiple times, and repay it in convenient EMIs of 2-36 months. The interest is charged only on the amount borrowed, not on the total approved limit. And the rates can be as low as 1.08% per month (13% per annum). Users of the MoneyTap don’t need to pay any interest until they use their credit line. The best part is that the limit gets automatically topped up as soon as the EMIs are paid back, which means that users don’t have to apply for a new loan, but can simply borrow money from the existing credit line.

RBL Bank, one of the banking partners of MoneyTap, also provides a complimentary credit card with 100% cash withdrawal limit along with the MoneyTap Credit Line.

NB: How do you address security concerns during online transactions?

Bala: Fintech companies are relentlessly adopting advanced digital security strategies to render themselves protected against a rising tide of cyber-threats. Global data policies like EU-GDPR, as well as the Srikrishna Committee’s draft bill for India on data privacy, are making it mandatory for enterprises to adopt more robust IT security measures. Fintech industry is embracing robust digital infrastructure like Blockchain, cloud security solutions, automated threat intelligence systems, and application security systems to ensure risk management and data privacy.

NB: How are you utilizing the raised funds?

Bala: We have raised $12.3 million in series A from Sequoia India along with existing investors New Enterprise Associates (NEA) and Prime Venture Partners. The funds raised are been strategically used for product development, team building and marketing

NB: Tell us about MoneyTaps expansion plans?

Bala: We are present in 40 cities across India and are looking to expand to 100 cities by the end of this year. We have a target of INR 2000 crore loan disbursements during the same mentioned period.