Paysense raises $5.3 million in Series A Funding

Fintech startup, Paysense, has raised $5.3 million in Series A funding led by Jungle Ventures with participation from South African internet investor, Naspers and Nexus Ventures.

Founded in 2015, the firm calls itself as a technology and data science company. Paysense’s product offers credit options to buy goods based on individual profile, which can be repaid in easy instalments. At present, it has a tie-up with non-bank lender IIFL for distributing its loans.

Prashanth Ranganathan, Co-Founder and CEO, Paysense, said, "Giving credit to folks who already have history is easy, our mission is to democratise credit by making it just as easy for folks without history and without paperwork.”

Amit Anand , Founder and Managing Partner, Jungle Ventures, said, "There are going to be a few mega companies being formed in this space and the PaySense team has demonstrated great understanding and traction on various aspects required to become a category leader here.”