MoneyTap gets NBFC license

MoneyTap gets NBFC license

The latest development highlights its phenomenal growth trajectory across 50+ cities with a loan book of ₹1,000 crore and a loan disbursal run rate of ₹2,500 crore a year.

Underlining its leadership position in the fintech industry, MoneyTap, India’s first app-based credit line, has recently bagged the Non-banking Financial Company (NBFC) license from the Reserve Bank of India (RBI).

Starting with a goal of providing a flexible borrowing experience on its app by partnering with Banks & NBFCs, Bangalore-based MoneyTap has achieved several milestones since its inception in 2016. Available in more than 50 cities of India, MoneyTap, has created a total loan book of ₹1,000 crore and has achieved a disbursal run rate of ₹2,500 crore a year.

With this new license, MoneyTap aims to further scale its business and deepen its existing Bank/NBFC partnerships, through a strong focus on tech innovation, inclusive growth and hybrid lending strategies.

Speaking on the occasion, Anuj Kacker, COO & Co-founder – MoneyTap said “India has a huge middle-class population that often needs additional funds to manage unexpected expenses, weddings, travel, education, festive shopping, etc. This is where a credit line comes in handy. An NBFC license will play a crucial role in further streamlining our business and accelerating innovation while keeping the customer at the centre.”