Paytm to Invest Rs 67 Cr in Digital Lending Startup
Digital Payment Firm Paytm is all set to invest $5-10 million (roughly Rs.33.5-67 crore) in a Mumbai headquartered digital lending startup CreditMate, for the second time in a round of funding after it infused an undisclosed sum in late 2017.
Though CreditMate chief executive officer Jonathan Bill has refused to give any confirmation on the proposed funding but said that the company has witnessed a 40% month-on-month growth in terms of the number of loans disbursed.
He further said,
The first 12 to 18 months have been very well in terms of business and we have managed to restrict repayment failures to less than 1%. More than 60% of our customers are new to credit and more than 50% are self-employed. Hence we use technology to assess the borrower.
The startup is a fintech focussed s...