PaySense raises $18mn selling undisclosed stake in round led-by PayU
What's the story
Fintech player PaySense has raised $18 million by selling an undisclosed stake in a round of funding led by Naspers-promoted payments provider PayU with a $11.5 million investment. Mumbai-headquartered PaySense is targeting to be a risk assessment provider for 160 million Indian households currently underserved by the lenders, a statement from PayU said. This is PayU's second investment in PaySense.
Details
Company's mission is to democratize credits across all markets: PayU-Head
Last year, PayU had infused money along with Nexus Ventures in a round of investment led by Jungle Ventures. Fady Abdel-Nour, the global head for mergers and acquisitions and investments for Naspers' PayU, said the company's mission is to democratise credit across all its markets and PaySense has a great product, an outstanding team, and an extensive market opportunity.
Credit products
PaySense offering instant credit products
"India has one of the largest financially underserved populations in the world. We are constantly innovating to serve this population using net new ways of assessing these customers through our instant credit decisioning models," PaySense's co-founder and chief executive Prashanth Ranganathan said. Credit products offered by the company include aspirational e-commerce purchases, family vacations, home renovations or a medical emergency, he said.
Information
PaySense is doing strategic use of data: PayU credit-business head
PayU's global head for credit business Siddhartha Jajodia said it believes in strategic use of data which PaySense is doing and added that its investee company has a robust growth trajectory and a high potential to become a strong alternative to the current credit infrastructure.