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30Sep By AnkitaNo Comments

FUNDING

LoanTap Raises $12 Million in Funding Round

Digital lending firm LoanTap raises $12 million in series-B funding round, led by Avaana Capital. The current round also saw participation from existing investors, 3one4 Capital, India Quotient, Shunwei Capital and KaeCapital, a statement said. The platform offers customised personal loans such as rental deposit loan and holiday loan to white-collared salaried professionals in India. "LoanTap has created a strong technology backbone which offers a superior customer experience. We tripled our loan book last year and the current round of funding will further fuel this growth," LoanTap Chief Executive Officer and co-founder Satyam Kumar said. The firm claims to have turned profitable within two years of operations. With this round of funding, LoanTap has raised a total of USD ...

18Jul By PriyankaNo Comments

FUNDING

MyMoneyMantra raises $14.8 million funding from IFSD BV, Vaalon Capital

Fintech startup MyMoneyMantra raises $14.8 million from Dutch investment company IFSD BV and Vaalon Capital. Both investment groups picked up a minority stake in the company. MMM serves over four 4 million customers from over 50 cities and has partnered with more than 90 financial institutions, a statement said. The company was responsible for originating about USD 1 billion of credit-related products in FY2019, it added. "This investment is a fantastic endorsement from an international partner and comes at an opportune time, as we are eager to capture an even larger share of the rapidly expanding Indian consumer market," MMM founder and Managing Director Raj Khosla said. Founded in 1989 by Raj Khosla, MMM as a fintech firm distribute secured and unsecured loans, insurance...

New Street Technologies raises USD $2 Million

4Apr By AdityaNo Comments

FUNDING

New Street Technologies raises USD $2 Million

Bengaluru, March 25, 2019: Bengaluru-based technology company New Street Technologies has raised a USD 2 million investment led by Unitus Ventures & Other investors including Mohit Davar, Chairman, International Association of Money Transfer Networks etc. Founded in August 2017, New Street Technologies builds and operates blockchain enabled platforms for institutional clients. The company’s flagship platform – MIFIX brings together, banks, business correspondents and cash outlets to efficiently originate and manage credit through easy integration with existing systems and processes. MIFIX has a wide range of customers such as banks, non-banking financial corporations, and money transfer operators / networks in India and overseas. It is estimated that the market for smal...

28Mar By PriyankaNo Comments

FUNDING

Fintech Startup Raises $2 million Pre series A Funding

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 g...