Friday, April 19, 2024
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Zestmoney

DMI, backed by a substantial $1.5 billion in equity investment from global institutional investors and international banks, didn’t reveal the value of the deal

SwiffyLabs will focus on building infrastructure for banks and financial institutions

ZestMoney's decision to shut down comes after it couldn't recover its business following unsuccessful acquisition talks with fintech major PhonePe in March this year

A recent report from the US Consumer Financial Protection Bureau (CFPB) stated that users of BNPL products typically had lower credit scores and limited savings

Suffering from high losses, a growing mound of bad loans and failure to convince PhonePe for a merger deal, ZestMoney will have to rethink its growth strategies if it is to make a turnaround

The development came months after the BNPL start-up's acquisition talks with fintech decacorn PhonePe fell through

Currently, the company is going through a rough patch as it is facing a severe fund crunch

The development comes as a blow to ZestMoney, a buy-now-pay-later platform, which has been trying to raise funds for a while

The fintech's net expenses grew to Rs 543.8 crore in FY22, compared to 89.3 crore in FY21