MoneyTap launched mobile app to help consumers get credit line from partner bank
BENGALURU: MoneyTap, a Bengaluru-based fintech startup cofounded by serial entrepreneur Bala Parthasarathy, has launched a mobile app to help consumers get a credit line from a partner bank. The startup launched the app on Wednesday along with partner RBL bank, and has also tied up with several other banks.
A credit line entails that the bank reserves a certain amount of money without any collateral or interest for the customer, and the customer can borrow any amount from it at an interest.
"There is no such mobile-app for consumers so far. The credit line for consumers with accessibility through an app is a new concept in India and we are excited about the opportunities it can bring to thousands of millions of Indians," said Parthasarathy. He said the startup has received some funding, but did not mention the amount or the investors at this point.
Parthasarathy had earlier founded Snapfish, which was sold to Hewlett Packard, as well as early-stage venture capital firm Prime Venture Partners, while the other two cofounders Parthasarathy, Anuj Kacker and Kunal Varma, had earlier founded Tapstart.
The entire process of applying for a credit line, providing documents, as well as providing a photo through a selfie instead of a passport size photo, is done through the app, Parthasarthy explained.
The startup has created its own chatbot interface, for which it has applied for a patent, which lets the user provide necessary information to the bank. Once the KYC verification is cleared, the money is directly transferred from the bank to the user's personal account.
Customers who are qualified for a credit line need to pay a one-time Line setup fee of Rs 499 + tax in their first month bill from RBL Bank.
"We are delighted to partner with MoneyTap to launch India's first app based Credit line. We have integrated MoneyTap's technological innovation with our own banking system to provide a never-before 24/7 experience for users without compromising on security and compliance issues," Harjeet Toor, Head - Cards, Retail & MSME Loans and Financial Inclusion, RBL Bank, said in a statement.
A credit line entails that the bank reserves a certain amount of money without any collateral or interest for the customer, and the customer can borrow any amount from it at an interest.
"There is no such mobile-app for consumers so far. The credit line for consumers with accessibility through an app is a new concept in India and we are excited about the opportunities it can bring to thousands of millions of Indians," said Parthasarathy. He said the startup has received some funding, but did not mention the amount or the investors at this point.
Parthasarathy had earlier founded Snapfish, which was sold to Hewlett Packard, as well as early-stage venture capital firm Prime Venture Partners, while the other two cofounders Parthasarathy, Anuj Kacker and Kunal Varma, had earlier founded Tapstart.
The entire process of applying for a credit line, providing documents, as well as providing a photo through a selfie instead of a passport size photo, is done through the app, Parthasarthy explained.
The startup has created its own chatbot interface, for which it has applied for a patent, which lets the user provide necessary information to the bank. Once the KYC verification is cleared, the money is directly transferred from the bank to the user's personal account.
Customers who are qualified for a credit line need to pay a one-time Line setup fee of Rs 499 + tax in their first month bill from RBL Bank.
"We are delighted to partner with MoneyTap to launch India's first app based Credit line. We have integrated MoneyTap's technological innovation with our own banking system to provide a never-before 24/7 experience for users without compromising on security and compliance issues," Harjeet Toor, Head - Cards, Retail & MSME Loans and Financial Inclusion, RBL Bank, said in a statement.
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