India continues to be one of the fastest-growing economies in the world, growing at about 7%, and is set to become the third-largest economy in the world by 2027. According to Deutsche Bank Research, there are between 30 million and 300 million middle-class people in India. With smartphones becoming omnipresent today, there is an increase in the demand for services and products that serve the needs of the ever-expanding middle-class working population in India.

MoneyTap is one such company that recognized the opportunity in the challenges faced by the middle class working groups, that Is the need for small credit amounts. MoneyTap is India’s first personal credit line offering hassle and seamless lending experience to salaried employees in India via their app. Let’s read this article to take a peek into their journey to success.

MoneyTap Company Profile

moneytap logo

Company Name MoneyTap
Legal Name MWYN Tech Private Limited
Sector Fintech, Online Payment, Finance
Headquarter Bangalore, Karnataka, India
Headquater Region Asia-Pacific (APAC)
Founded Date 2015
CEO Bala Parthasarathy
Founders Bala Parthasarathy, Kunal Varma, Anuj Kacker
Total Funding $40.3 Million
Monthly Visitors 349,880 (SemRush)
Official Website

About MoneyTap

MoneyTap is an app-based credit line that provides small to medium-sized cash loans, quick credit on mobile, and affordable interest rates. They aim to provide better services than Indian banks and the flexibility of getting a credit line that can be used as an early salary.

Along with that they also offer unique features like Pay interest only on the amount you use, immediate personal loan without any risk, making UPI transactions from your credit line, selecting your own flexible EMIs, and pay later feature. MoneyTap app has 10 millions+ installs on the Google Play Store.

MoneyTap Founder

Bala Parthasarathy, Kunal Varma, and Anuj Kacker are the founders of MoneyTap.

moneytap founders

MoneyTap CEO, Bala Parthasarathy is the co-founder of multiple startups in Silicon Valley, including Snapfish (sold to Hewlett Packard). He has contributed immensely to the growth of Snapfish by gathering 100M users and $300M in revenue.

Kunal Varma is a serial entrepreneur, who founded Whimsia Custom Works, a company for customized merchandise. Kunal along with Anuj Kacker also co-founded TapStart, a job discovery platform.

Anuj Kacker is the COO of MoneyTap. Anuj has experience in diverse fields courtesy of working with established brands such as Airtel, Reliance, and JWT. He co-founded TapStart which grew to 300K users and turned profitable within two years. Anuj exited TapStart in 2015 to join MoneyTap.

Must Read- Razorpay Success Story: An Unicorn Startup Based On Easy Online Payment Mechanisms

MoneyTap Business Model

MoneyTap introduced the concept of a Personal Line of Credit/Credit Line for the first time in India when it launched in September 2016. The “Credit Line” means that the bank will issue a limit of up to INR 5 lakhs, without any collateral or charging any interest. Against this limit, using the MoneyTap app, consumers can borrow as little as Rs. 3000 or as much as Rs. 5 lakhs and repay it as EMIs from 2 months to 3 years.

The interest is paid only on the amount borrowed and the rates can be as low as 1.25% per month. The limit also gets automatically topped up as soon as EMIs are paid back. Any salaried employee can use this free Android app and in a few minutes, using a patent-pending Chatbot interface, provide all the information typically required by banks. The app securely connects with the banking systems to give them not only an instant approval but also a credit limit, depending on individual credit history.

moneytap lending platform
© Livemint

As an added convenience for shopping needs, a “MoneyTap RBL Credit Card” is also provided for the user. This is a regular MasterCard Credit Card that is accepted at all locations and for all card purchases – offline and online.

MoneyTap Revenue Model

MoneyTap is a loan or credit-based platform. They generate their revenue mostly from loan interest rates and convenience charges.

MoneyTap Funding

MoneyTap has raised $82.3 million in 2 rounds of funding to date. In the latest round, MoneyTap raised funding worth $70 Million (500 Crore) in January 2020. Here are the funding and investor details of MoneyTap.

The funding, as stated by Bala, has strengthened the leadership position of the consumer lending firm by improving credit accessibility for other customer segments.

MoneyTap Competitors (Other Lending apps in India)

The major competitors of MoneyTap are Money View, PaySense, KreditBee, Navi, and many more.


With MoneyTap Labs, the team aims to experiment and launch different transformative products. Most fintech products are focused on the transactional or functional aspect, but they want to experiment with interactions – the emotional and cognitive aspects of finance. MoneyTap is one of the highest-rated apps in Vietnam when it comes to quick, easy, and hassle-free credit on mobile.

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