MoneyTap gets NBFC license, aims to bolster its market position

BENGALURU: MoneyTap, an app-based credit line, has recently bagged the Non-banking Financial Company (NBFC) license from the Reserve Bank of India (RBI).

Starting with a goal of providing a flexible borrowing experience on its app by partnering with Banks & NBFCs, Bangalore-based MoneyTap was founded in 2016. Available in more than 50 cities of India, MoneyTap has created a total loan book of Rs 1,000 crore and has achieved a disbursal run rate of Rs 2,500 crore a year.

With this new license, MoneyTap aims to further scale its business and deepen its existing Bank/NBFC partnerships, through a strong focus on tech innovation, inclusive growth and hybrid lending strategies.


Anuj Kacker, COO & Co-founder, MoneyTap said, “India has a huge middle-class population that often needs additional funds to manage unexpected expenses, weddings, travel, education, festive shopping, etc. This is where a credit line comes in handy. An NBFC license will play a crucial role in further streamlining our business and accelerating innovation while keeping the customer at the centre.”