FinBucket.com , a loans and investments marketplace, has raised INR 12 Crore ($2 million) from Impanix Capital. The FinBucket platform helps to connect lenders and borrowers in India more efficiently by providing a user-friendly experience for consumers. It leverages a broader set of data which was not traditionally available to financial institutions in the market.
FinBucket currently offers personal loan, home loan, business loan, credit card and mutual funds. Their unique match machine algorithms increase the chances of loan approval by connecting consumers to the right lending partner.
FinBucket intends to use these funds in the growth of their business and reaching out to people who are in need of secured loans as well as unsecured loans. FinBucket is dedicated to serve their customers during the entire loan process. FinBucket also plans to foray into insurance products including life insurance, health insurance and car insurance.
The firm will use the funds to expand its team from the current 55+ to more than 200 and set up full service offices in metro cities. It also intends to improve its technology platform.
“We at FinBucket help businesses in getting flexible loans in a simple and capable way and are open to partnering with all financial institutions,” said Parit Garg, Co-founder of FinBucket.
“Our aim is to invest this money in building our technology and operational team. We will focus on the unserved segment of the market e.g. people who are not getting loans because of poor or no credit score. We will scale-up the team to 200 people over the next 6 months,” said Heena Jain, Co-founder of FinBucket.
With the funding, FinBucket has started hiring a management team from top consulting firms and other large tech startups to build a stronger capability of offering loans. The startup has also brought senior finance veteran, Mr. R.K Jain, as an advisor on board.
The company has already set up a 24×7 free helpline service where all the people who need loans whether for business purpose or personal reasons can get in touch with experts and resolve their queries related to it.