Financial services marketplace MyMoneyMantra gets funding from European investors
Photo Credit: VCCircle

New Delhi-based financial services marketplace MyMoneyMantra has raised Rs 104 crore ($15 million) from Dutch investment firm IFSD BV and private equity firm Vaalon Capital.

This is the first external funding MyMoneyMantra has raised in its 30 years of existence,  the company said in a statement on Wednesday.

MyMoneyMantra founder and managing director Raj Khosla said the investment comes at a time when the company was looking to embark on its next phase of growth to capture a larger share of the Indian consumer market. 

The company aims to expand its reach across India, invest in technology and deepen its relationships with banks, non-bank lenders and insurance companies, he added.

Incorporated in 1989, MyMoneyMantra helps customers get loan deals and credit card offers online. It has partnerships with more than 90 financial institutions including  ICICI Bank, HDFC Bank, Axis Bank, Citibank, PNB Housing Finance Ltd and Tata Capital. It has 2,500 employees and serves over 4 million customers from over 50 cities.

Adam Teeger, adviser at Switzerland-based Vaalon Capital, said the private equity firm is "particularly excited" by the company's initiatives focused on leveraging data analytics, technology and digital marketing.

Vaalon Capital was founded in 2016. The firm typically invests $15-75 million in a portfolio company, according to its website.

Fintech funding deals

The fintech sector in India has attracted considerable attention in recent years with many startups trying to establish themselves in segments such as payments, lending, insurance and personal finance. Policybazaar is one of the most heavily funded financial services marketplaces.

Earlier this month, Bengaluru-based digital banking startup NiYO Solutions raised about Rs 240 crore in a Series B funding round from investors including Chinese conglomerate Tencent. 

Digital insurance platform RenewBuy secured Rs 130 crore in a Series B funding round led by impact venture capital firm Lok Capital and IIFL Asset Management Ltd this month.

Last month, financial technology startup Open and online payment gateway startup Razorpay raised Series B and Series C funding rounds, respectively.

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