DMI Group Acquires Lending Fintech ZestMoney

DMI Group acquired consumer lending fintech company ZestMoney for an undisclosed amount to broaden its engagement with customers.

“This acquisition will enable DMI to widen its engagement with current and potential customers by adding the ZestMoney checkout financing platform to its product suite,” the Indian financial services platform said in a statement.

The company will also bring its customer base, balance-sheet strength and significant risk-management experience to drive growth across ZestMoney’s online and offline merchant network, it added.

DMI said it will have the exclusive right to the use of all ZestMoney brands and the group’s NBFC arm DMI Finance will be a preferred lender on the ZestMoney platform.

“We are always looking for best-in-class solutions to enhance both the engagement with - and the experience of - our customer and merchant base,” DMI Co-founder and Joint Managing Director Shivashish Chatterjee said. “We firmly believe that this acquisition will be an important step in our journey to provide digital financial inclusion at scale across India.”

ZestMoney, founded by Lizzie Chapman, Priya Sharma and Ashish Anantharaman in 2015, is a fully automated digital customer onboarding and servicing system, enabling customers to apply for and receive digital credit instantly at the point of sale, according to the statement.

ZestMoney has more than 80,000 merchants across India including Amazon, Flipkart, Myntra, MakeMyTrip, Nykaa, Samsung, Apple, Vivo, Croma, and Reliance Digital, it said.

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