Goldman Sachs invests $15 million in ZestMoney

Mumbai: Consumer lending startup ZestMoney said on Thursday that it has raised equity funding in a round led by investment banking giant Goldman Sachs.

ZestMoney employs its own credit scoring algorithms to do risk profiling of e-commerce consumers who opt for equated monthly installment (EMI) payment option and works with financial institutions to give loans to such consumers.

A person familiar with the matter pegged the deal size at $15 million. Its existing investors Naspers Fintech, fintech-focused VC fund Quona Capital and Flourish also participated in the round.

“The capital we’ve raised in this latest round will enable us to accelerate product development, grow our strategic partnerships and scale our platform further,” said Lizzie Chapman, co-founder and CEO, ZestMoney in a statement.