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PhonePe set to acquire fintech start-up ZestMoney for about $300 mn

Deal expected to be closed in two-four weeks, says source

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PhonePe is acquiring ZestMoney at a time when the Sameer Nigam-led firm is in talks with its parent Walmart, General Atlantic, and other existing investors to raise about $700 million

Peerzada Abrar Bengaluru

3 min read Last Updated : Nov 25 2022 | 7:29 PM IST

Digital payments firm PhonePe is set to acquire fintech start-up ZestMoney for $200-300 million, according to sources.

The acquisition would help Walmart-owned PhonePe to strengthen its lending services and compete with Google Pay, Paytm, and Amazon Pay in Indian fintech, which is expected to be worth $350 billion by 2026.

“The talks are still going on and the deal is expected to be closed in 2-4 weeks,” said a person familiar with the matter.

ZestMoney, which was founded in 2015, allows customers to pay for products over time. Increasing smartphone use, cheap data plans and online shopping have helped pay-later

Topics : PhonePe Walmart ZestMoney Fintech Fintech firms Fintech start-ups Paytm Digital Payments acquisition Fintech sector Fintech startup Amazon Pay Google Pay

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