SmartCoin, a Bengaluru based Fintech startup raises $2 million funding in pre-Series A round from a top Chinese VC fund and Accion Venture Lab.
An existing investment group Unicorn India Ventures also participated in the round, along with ISME ACE, a leading fintech accelerator.
This funding round will use to expand the team and operation with an aim to cover a much larger customer base.
SmartCoin is a mobile app based lending platform, capable of assessing the risk profile of a prospective borrower in real time, using data science and machine learning algorithms.
“With this round, we expect to grow the momentum and further scale 10X over the next six to twelve months. Having specialists as investors, who are passionate about micro-lending, on board will only help us cover more ground not only in India but globally too,” Rohit Garg, Co-founder & CEO, SmartCoin said.
Accion Venture Lab is the world’s leading seed-stage investor in fintech for the underserved. It invests capital in, and provides support to, innovative fintech startups that increase access to, improve the quality of, or reduce the cost of financial services for the underserved at scale.
“We invested in SmartCoin last year as we saw an immense potential in the business. Over the course of the year, we have realized the ability of the team to scale its operations rapidly given the right ammunition. Thus, being able to raise the top dollar from two of the world’s largest markets is a testament to our belief in the team,” said partner, Unicorn India Ventures, Archana Priyadarshini.
SmartCoin has only 4 steps process to borrow the loan. You need to download the app, register via your Facebook account, mention the amount of loan and received the money in your bank account.