MoneyOnMobile has raised a series F round of funding of $7.6 million via preference shares. The funds raised will be used to carry out business plans and drive growth for the company’s line of products.
The Mumbai-based fintech startup was founded in 2010 by Jolly Mathur, Rajat Sharma, Ranjeet Oak and Shashank Joshi. They look to service unbanked customers through financial inclusion and provide self-dependence. They offer mobile payments services that are easy to facilitate, safe and secure transactions from one mobile to another. Users can transfer funds simply through an SMS text, MoneyOnMobile website or its application.
In September 2013 MoneyOnMobile had raised $10 million in venture funding round from Calpian Inc. Later, in December 2016, the company had raised $1.5 million in funding through Debt Financing from Yes Bank.
Referencing to their latest round of investments, Harold Montgomery, CEO and Chairman of MoneyOnMobile said. “We are pleased with the positive response from investors and the speed with which we closed this investment during what is normally a relatively slow time of the year for fundraising.”
As per the MoneyOnMobile team, the increase in ATMs along with a rapidly growing domestic remittance product gave fuel to their own growth. The company posted a 270% growth in November 2017’s Q2 results. Their gross profit increased 79% year-on-year to more than $1 million in the quarter, a report said. The company is in competition with other major players like PayTM, Freecharge, Mobikwik and more.