Money Tap Credit Line App

The Success Story Of An Instant Loan Provider Mobile App

We all are aware that getting a loan today is a nightmare for a common man; you need to provide several documents and these documents will be processed for several days and then those documents will be verified for the next several days.

The MoneyTap mobile app is solving this concern of a common man; the long loan approval process. With MoneyTap you will get a line of credit of up to INR 5 lakhs in minutes and also you just have to pay the interest on the amount you have withdrawn.

MoneyTap app is a revolution in the finance industry with zero-paper technology and instant loan approvals. With the increasing popularity of the mobile app, I was very much excited to know more about the minds behind this unique idea. Talking with Anuj Kacker was a delight; he has leveraged the technology with the right aspect.

“Our data-backed research reflected that people are not comfortable going to banks for loans for minimal amounts – this could range anywhere from Rs. 3000- Rs. 50,000 to 1- 2 Lakhs. On the other hand, asking for money from family and friends always has an embarrassment factor.” – Anuj Kacker
Anuj Kacker Co-founder of Moneytap
When I got the chance to interview Anuj Kacker (the co-founder of Moneytap) I wanted to share this knowledge with everyone. So here is the written version of my interview with Anuj Kacker.


What was the motivation behind this idea?

The story behind MoneyTap is rooted in how an average Indian leads his/her life. Growing up in India, especially in middle-income group families, we all face a shortage of additional funds at some point. For us, the idea was essentially a combination of personal experiences and general observations. We realized that most Indians (especially salaried class) faced several challenges when it came to getting credit, more so for smaller amounts.

Thus, for even the simplest of credit needs such as medical, birth, death, school fees, deposit to take rent on the house, etc., people are put under high scrutiny.  This is where we thought that an innovative, people-friendly credit line product like MoneyTap would be a friend one could reach out to in times of need & instantly get help.

What Was the Motivation Behind This Idea?

Being a Startup, What Were the Difficulties You Have Faced During the Journey?

Customer identification

We need to be constantly working towards uncovering those who are creditworthy and intelligently weeding out those who aren’t. Using the digital footprint of these consumers and advanced machine learning & data analytic techniques, it’s becoming easier but there is still some work to be done.

Reliable partnership with the banks

The other challenge is to keep the partnership with Banks and NBFCs going on a sustainable basis. You can’t take their capital and blow it all up in experimentation and at the same time, we need to push the boundaries and keep growing our business. This is a balance that needs commitment and constant work from both parties.



What Are the Pros and Cons of the App?

For the very first time, MoneyTap is bringing access to credit with a single tap on the mobile phone. It is also introducing the concept of a credit line for consumers, in partnership with banks.

Middle-income customers (salaried & self-employed professionals) making Rs. 20,000 per month or more, facing frequent cash crunch for regular needs like education, medical, birth/death, etc. are not serviced by financial institutions today without putting up collateral such as gold.

Large needs, such as buying a vehicle, house, etc. are addressed by financial institutions, unlike online and offline shopping. Though the latter often involves very high credit card interest rates of 40% if one doesn’t pay on time. This is the clear unaddressed need.

When we spoke to customers, they not only wanted the above needs addressed but also wanted the product to be very flexible and convenient.  So, as a result here we have the MoneyTap app.

What Is the Role of Technology in Your Business Set-Up?

We have a Full-Stack technology platform that integrates deeply with our Banking partners’ systems and covers the full customer journey and product lifecycle.

MoneyTap brings chatbot technologies in regional languages to solve the problem of consumer credit in India. In addition, MoneyTap provides state-of-art machine learning algorithms and data science to evaluate credit for lower middle-income customers in less than 5 minutes on their mobile phones. MoneyTap also provides its cloud-based advanced decision engine, Loan Origination System and Loan Management System free for the banks to accelerate decisions and usage.


On one side we have our mobile App for customers that are currently available on the Android platform. The App itself has a proprietary, chat-based interactive design that provides an intuitive,  conversational experience like chatting with a friend.


The backend encompasses the full credit lifecycle right from qualifying and selecting a customer to manage compliance requirements and transactions.  The backend server infrastructure is largely AWS based. There is deep API integration between frontend and backend and also between MoneyTap and our banking partners’ technology systems or designated third parties. This allows for information movement and workflow management in real-time.



How Did You Raise the Investment Capital in This Competitive Market?

Consumer debt is growing fast in India. According to the last available consolidated data from the Reserve Bank of India (RBI), personal loans extended by banks grew at 28.7% in 2015 and credit cards grew at 23.6%. But if we look at the actual numbers, there are just 24 million credit cards for a country of 1.2 billion!

MoneyTap is India’s first and the only app-based credit line offered in partnership with banks and targeted at consumers. There is no other app in the same business. Basically, MoneyTap not only qualifies the customer but stays in his pocket, to give a bite-sized loan whenever he needs it.

Which Was the Best Moment in the Journey till Now, When Did You Get the First User?

There have been many such moments in the journey so far. Some of them are listed below –

  • We moved from 5 cities at launch to about 20 now
  • We started with giving credit to customers with the only salary above 25K+ and using advanced data analytics, we were able to identify good customers (that can be lent to) below 25K salary per month.
  • Going from pitching to every bank and NBFC during the initial stages, we now have almost most banks/NBFC wanting to work with us. This has come by getting quality customers with NPAs under control
  • MoneyTap has attracted over one million installs till date and we are on target to issue credit lines worth INR 300 crores by the end of the current fiscal year



What are the security measures in the app; how do you know that the person you are lending your money is genuine?

The users are qualified/ disqualified right on the app depending on their credit history and worthiness. If they’re not eligible we do not waste their time further.

We do a thorough evaluation per banking guidelines. But it is our firm belief that deep evaluations don’t have to be painful. We can be friendly, fast and thorough at the same time. An average customer takes 8-minutes to qualify, after opening the app. The approval is instant, on the app. After that, MoneyTap will need to complete the KYC formalities. There is NO CHARGE for approval. It is completely free.

Firstly, an individual needs to qualify the MoneyTap eligibility criteria mentioned below:

  • 23 years and above the age
  • Salaried individuals with a minimum salary of 20,000 pm.
  • Credible KYC documents
  • Residents of Delhi, NCR, Mumbai, Bangalore, Hyderabad, Chennai, Pune, Ahmedabad, Vadodara and Bharuch (will be launching in other cities soon).
If at any stage the information furnished by the customer or the verification(s) initiated by us are found to be incomplete, fraudulent or unverifiable then the application will be terminated. No fees will be charged.

What Types of Users Do You Have?

We cater to self-employed as well as the salaried employees.

We have app users from a variety of industries and business categories, we have helped users from the healthcare industry, IT startups, and even finance startups. Recently we have served credit to healthifyme partner.



During the initial days, have you ever thought that an app can be a successful business idea? What about the backup plan?

Growing up in India in the Eighties and Nineties, and coming from middle-income group families, we have all faced a shortage of additional funds at some point. We observed the market need and realized that the middle-income group (the salaried class) has always been facing challenges with respect to credits, especially small amounts.

We, at MoneyTap, understood that this was a largely untapped segment and looked at it as an opportunity to use technology for solving the problem of credit for the middle-income groups in India. We were very much aware of the need for this application in our country, we launched the app with an intention to assist common man, hence we never thought of any backup.

What are your plans for upgrading the app?

Yes, we will upgrade the app with time, we want to keep this application updated with the latest trends and technologies.

Our mobile App for customers is currently available on the Android platform. We are currently present in 14 cities in India and to meet our goal, we aim to cover 50 cities by the end of this year alone. We will also be partnering with a number of banks in the coming months.

We are already catering to the salaried and self-employed segment with earnings above Rs. 20,000 per month, our goal is to include the people earning between Rs 20,000-Rs 15,000 and eventually reach out to the ones earning Rs 15,000 – Rs 10,000 as well.  We just launched the app in Hindi, Tamil, and Kannada. We have plans to launch it in other regional languages soon.



Do you have any tips for young startups and entrepreneurs?

Entrepreneurship is not easy and not for everyone. But it’s addictive and some of the most creative moments in your life will be during this journey. And there is no other (legal) way to have a huge financial windfall besides running your own company.

Any entrepreneur, not fearing failure is either delusional or dishonest. But the trick is to manage fear and not let it stop or paralyze you, focussing on the glass half-full. As someone who loves the mountains, I always liken entrepreneurship to climbing. Just because you’ve submitted many mountains before doesn’t make climbing a new one easier. You still need to start at the bottom and sweat your way up. There are no escalators to the top of tall peaks. When you look down the sharp precipice, you just have the benefit of having done that before and telling yourself, “Calm down and keep climbing, you’ve had this experience last time!

other Founder of MoneyTap

So, Those Were The Thoughts Of Anuj Kacker, On His Mobile App, MoneyTap.

Do you know the other founder of MoneyTap, Bala Parthasarathy has co-founded multiple startups in silicon valley, including Snapfish which was later sold to Hewlett Packard? On the other hand, Kunal & Anuj co-founded a startup Tapstart which turned profitable in two years.

Now It's Your Turn!!

Have you finalized your startup idea now? If you are still dealing with the startup mobile app idea, then it’s peak time to start the work on it. Tell us your idea and we will build the app for you. Do you want to build an app like Moneytap? We have the experts for you. Get in touch with us to get the best finance app development services.