Fintech startup Snapmint raised $21 million in a mix of equity and debt where equity round was led by Prashasta Seth, CEO and CIO of Prudent Investment Managers with existing and new investors like Kae Capital, 9 Unicorns, Anicut Capital, and Negen Capital and the debt round was led by Northern Arc Capital, and several high-net-worth individuals (HNIs), who made investments through non-convertible debentures.
Snapmint’s mission is to democratise credit access. Customers can shop Snapmint’s platform in instalments for products such as electronics, fashion, and more. The BNPL (Buy Now Pay Later) platform intends to use the additional funds to expand its online and offline merchant network, which will power the purchases of 550 million Indian PAN card holders. As a non-banking financial company (NBFC), the startup claims to be in accordance with the Reserve Bank of India’s digital lending guidelines (RBI). According to an Inc42 report, digital lending in India is expected to grow to a $1.3 trillion market opportunity by 2030, up from $270 billion in 2022, at a CAGR of 22%.
