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Paytm to Invest Rs 67 Cr in Digital Lending Startup

5Jun By Lavina TolaniNo Comments

FUNDING

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...

3May By Sheldan RungasamyNo Comments

FUNDING

FinTech Startup Opentap Raises Rs 3 Crore Funding

OpenTap, a FinTech startup based in Chennai has received a funding of more than $ 450,000 (Rs 3 crore) from a set of high net-worth individuals, according to a statement from the company. The funds raise will be used to develop its team, strengthen its technological infrastructure, marketing and to widen the reach of its financial services network across the country, the statement added. Opentap which is operated by Vyatta Technology Private Limited, was founded in 2015 by Senthil Natrajan, Harish Devarajan and Suresh Venkataramani. All three co-founders have an experienced background in the finance field for prior to founding the company, Natarajan worked in Barclays and JP Morgan, Devarajan is the chief executive of Deep Value, a US-based cash equities algorithmic trading desk, and...

Lending Platform Happy Loans Acquires Non-Banking Financial Company

13Apr By Sheldan RungasamyNo Comments

ACQUISITION

Lending Platform Happy Loans Acquires Non-Banking Financial Company

Happy Loans, the platform that connects borrowers from the MSME sector to lenders announced on Thursday that it made the acquisition of Non-Banking Financial Company (NBFC) IFMR Mezzanine Finance Private Limited in order to use the funds of the firm to provide loans to its customers. Consequently to the deal, the NBFC company’s name will change to Arthimpact Digital Loans Private Limited. The acquisition is also a profitable way for Happy Loans to provide more capital and resources to micro-entrepreneurs than they could previously while reducing the cost of providing capital to its customers. Additionally, this purchase allows Happy Loans to benefit from a bigger share of the online loan market place. Indeed, Happy Loans looks forward to use Arthimpact Digital Loans Private Limite...

4Apr By Sheldan RungasamyNo Comments

FUNDING

Peer-to-peer Lending Platform Raises $1.3 Mn Funding

Finzy, a peer to peer (P2P) lending platform, announced that it received a first round of pre Series A funding worth $1.3 million from investors in the lending industry. The next round of this Series A funding is projected to complete with additional investments from a pre-selected group of investors in the coming 2 months. The capital raised from the funding will serve the purpose of improving technology, simplifying and facilitating the process of lending money and building a good team for the company. However, it has been pre-decided that a major chunk of the funding will be used to expand the reach of the company especially in Tier 1 cities as Finzy is looking to provide its services to a larger client base. Finzy is an online lending platform that specializes in providing easy, ...

23Mar By Sheldan RungasamyNo Comments

FUNDING

i2iFunding.com raises 5 crores funding

i2iFunding.com, a prominent peer-to-peer lending platform announced on Thursday that it has raised a second round of angel investment worth Rs 5 crores. The funding round was led by SucSEED Venture Partners, Manish Poddar, an entrepreneur and investor along with a group of angel investors from worldwide famous consulting and private equity firms. The investment will be used to strengthen technology, infrastructure and to expand geographically. "We are developing the technology that can easily help to channel these savings to credit starved small borrowers. It is our mission to provide quick credit to small borrowers at appropriate interest rates. We will help the Government of India in its objective to further increase financial inclusion," said i2iFunding.com co-founder, Vaibhav Kum...

20Dec By PriyankaNo Comments

FUNDING

P2P Lending Platform Faircent Raises Series B Round Of Funding

Peer-to-peer lending platform Faircent has raised $4 million in a Series B round of funding from Belgium based impact investor Incofin Investment Management. The round also saw participation from non-banking finance company Muthoot Fincorp, NY based Elevate Innovation Partners, Japanese investment fund Das Capital, and Singapore-based early-stage investor Starharbor Asia Pte Ltd, a press release by the company stated. Its existing investors JM Financial Services, 3one4 Capital, Aarin Capital and M&S Partners were also present in the funding round. Founded back in 2013, by Rajat Gandhi, Vinay Mathews and Nitin Gupta, the Faircent marketplace connects curated and verified borrowers and lenders. The company had earlier raised around $2.08 million. “These are exciting times ...

6Nov By PriyankaNo Comments

FUNDING

Fintech Startup Kissht Raises Funding From China’s Fosun International

China based Fosun International has led a $10 million round of funding in Mumbai-based Kissht, an online lending startup owned by OnEMi Technology Solutions Pvt Ltd. The round, which was closed last week also saw participation from Kissht's existing backers, early-stage venture capital firms, Ventureast and Endiya Partners, according to the sources cited by Economic Times. The fresh equity funds will be used to expand its geographic presence, across India, fortify its data science capabilities and build its engineering and analytics team quoted source. The company plans to get "deeper" in tier II and tier III cities of the country. Also Read Indian Paper Packaging Segment Can Get A Lot From Ecommerce App Developer Access To iPhone X Face Data Spooks Some Privacy E...

1Mar By NitishNo Comments

FUNDING

CreditMantri Raises $7.6 Million Funding From Quona Capital, Others

Online lending platform CreditMantri today said it has raised USD 7.6 million (about Rs 51.4 crore) in a Series B (second strategic round) funding from Quona Capital and others. The funding round was led by Accion Frontier Inclusion Fund, managed by Quona Capital along with Newid Capital and existing investors Elevar Equity, IDG Partners and Accion Venture Lab, CreditMantri said in a release. CreditMantri will use the funds to grow its user base, strengthen product proposition and build the team, it added. Veda Corporate Advisors was the bankers to the transaction. "The funds raised will help us deliver a complete suite of products and services to give the Indian consumer better choice and make credit truly possible," Ranjit Punja, co-founder and CEO of CreditMantri, said. The ...