MoneyOnMobile confirms $1.5M credit facility

Indian mobile payment platform MoneyOnMobile has received a new INR 100 million credit facility (approximately $1.5M) from YES BANK.

It comes with an aggregate annual interest rate of 11.6 percent and matures in December 2017. A performance guarantee was also provided.

CEO Harold Montgomery

CEO Harold Montgomery

“We are pleased with our new banking agreement in India,” MoneyOnMobile chairman and CEO Harold Montgomery said. “The proceeds from the new credit facility will provide MoneyOnMobile with enhanced financial capabilities to execute growth strategies.

“Our efforts to help Indian customers digitize their currency through the establishment of MoneyOnMobile electronic wallets is a priority.”

Free newsletter signup
I agree to have my personal information transfered to MailChimp ( more information )
Never miss another Bankless Times news story as we send you hand-picked articles every morning
We hate spam. Your email address will not be sold or shared with anyone else. You will only receive our daily newsletter. You can unsubscribe at any time.