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Home >Companies >News >Click Moment | We changed tack to be a true EMI lender for Bharat: Lizzie Chapman, Co-founder and CEO, ZestMoney
Lizzie Chapman, Co-founder and CEO, ZestMoney.
Lizzie Chapman, Co-founder and CEO, ZestMoney.

Click Moment | We changed tack to be a true EMI lender for Bharat: Lizzie Chapman, Co-founder and CEO, ZestMoney

  • ZestMoney has raised about $42 million in equity so far, from a number of financial services-focused investors, such as Quona Capital and Ribbit Capital
  • ZestMoney was conceived to disrupt lending for this segment, and institute a ubiquitous consumption network

While most of the industry was focusing on the urban markets, we found our sweet spot in Bharat. At a critical growth stage, we found direction from our customers to focus on tier 2 and 3 cities, which led to ZestMoney becoming a leader in equated monthly instalment (EMI) financing. When we started ZestMoney in 2016, we were focused on bringing affordability to the masses, who were yet to discover and avail the benefits of digital lending. Borrowing from friends and family was the only option to secure small funds for these users, as financial institutions did not find them suitable candidates due to high transaction costs.

ZestMoney was conceived to disrupt lending for this segment, and institute a ubiquitous consumption network. We pioneered equated monthly instalment financing and empowered millions with financial freedom. Within a year, we had a substantial customer and merchant base, and we were focusing on the next pivot. Our click moment was when we realized that most of our growth is coming from tier 2 and 3 cities, contrary to industry trends. We changed tack to become more regional, included many merchants from the cities with promising growth and, today, cities, such as Patna, Lucknow, Indore, Bhopal, Jaipur and Ahmedabad, are some of our top performing cities. We pivoted to becoming a true equated monthly instalment financier/lender for Bharat, and haven’t looked back since.

ZestMoney and our partners are committed to serving Bharat, and empower them with the right to pursue their dreams—be it the dream of travelling the world, or receiving the education of their choice. Thus, this is the one choice that has really “clicked" in ZestMoney’s success saga, and has undoubtedly been its decision to focus on India’s burgeoning potential in the tier 2 and tier 3 towns for future business acquisition. ZestMoney has raised about $42 million in equity so far, from a number of financial services-focused investors, such as Quona Capital and Ribbit Capital, as well as impact investor Omidyar Network, in addition to Naspers-owned PayU.

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