Snapmint secures $125 million from new funding round

Consumer lending platform Snapmint has raised $125 million in a new funding round led by General Atlantic, with participation from Prudent Investment Managers, Kae Capital, Elev8 Venture Partners, and existing angel investors, the company said in a statement.

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Mint was the first to report on 13 October that Snapmint was in talks to raise around $100 million in a multi-tranche funding.

The company’s founder Nalin Agarwal on Friday said the funding round would comprise $115 million in primary capital and the rest in secondary, which would provide exits to a few early-stage angel investors.

He also said the transaction will close over the next two to three months. “The capital will be used to expand our merchant base, enhance our technology, and scale our EMI-on-UPI offering, which is a large opportunity,” he said.