Goldman Sachs leads Rs 100 crore investment round in fintech firm ZestMoney

ZestMoney, an artificial intelligence-driven financing platform, has raised over Rs 100 crore ($15 million) in an equity investment round led by American investment banking giant Goldman Sachs. The Bengaluru-based company’s existing investors, Naspers Fintech, Quona Capital and Flourish, also participated in the funding round.

The firm said the funding comes at a time of “exciting opportunities” in the Indian fintech space which continue to soar, on the back of ample availability of low-cost data and government-backed investments in mobile payments infrastructure. Consumer credit penetration in India is amongst the lowest in the region with less than 5 per cent of adults owning a credit card. ZestMoney estimates there are as many as 600 million people in the country who are creditworthy but are not offered loans by traditional financial institutions.