PaySense raises US$5.3 million in Series A funding

Digital consumer credit platform PaySense has raised US$5.3 million as part of its Series A round, which was led by Jungle Ventures. Naspers Group and Nexus Venture Partners also participated in the round. Paysense had raised US$2.3 million from Nexus Venture Partners and other angel investors in 2015. The company will leverage the capital raised to improve its technology infrastructure and expand its data science and technology team.

Paysense was founded by Ranganathan and Sayali Karanjkar in 2015. The startup operates a mobile app through which it provides credit using advanced data sciences based algorithms. The credit facility is available in nine cities including Mumbai, Delhi NCR, Bengaluru and Chennai. It is a 40 people strong team including engineers, data scientists, product managers, and experts from finance, e-commerce, and business development.

According to its website, PaySense has partnered with India’s leading NBFC, IIFL, as its RBI regulated lending partner. IIFL is a well-established national financial services company serving 35 Lakh customers from 2,250 service locations and over 1,000 branches across India.

PaySense is a part of growing number of startups in the digital credit space. This is led by the fact that with India booming and population’s appetite for consumption increasing, people are expected to spend more than they can afford thus giving these companies the opportunity to serve them.