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.
“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.”