Bengaluru-based MoneyTap raises $12.3 million led by Sequoia

Bengaluru-based FinTech startup MoneyTap has raised $12.3 million in funding led by Sequoia Capital as it looks to build technology to seamlessly deliver small loans to individuals in partnership with banks. The series A funding round also saw the participation of Silicon Valley-based investor NEA and existing investor Prime Venture Partners.

MoneyTap targets salaried individuals earning upwards of Rs 20,000 every month and evaluates within a few minutes if they're eligible to avail a line of credit of up to Rs 5 lakh. The company uses a customer's credit score, transaction history and other data that is fed into proprietary algorithms