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Fintech online lending platform are on the funding spree! After Innoviti and Loan Tap, Capital Float raises $45 million

Fintech online lending platform are on the funding spree. After Innoviti and Loan Tap, Capital Float raises $45 million

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One of the important segment of FinTech startups after digital wallet and payment banks is Loan. Owing to the importance and huge market size this segment is flooded with Startups which help facilitating loan to salaried and SME owner’s seems to be of interest to VC’s. One such platform Capital Float brings in $ 45 million as series C funding to further expand and capture its desired user base and strengthen its product offerings and services to a newer height.

The money was floated by Silicon Valley-based Ribbit Capital along with the participation from existing investors SAIF Partners, Sequoia India and Creation Investments. The company has also raised $67 million in new debt lines from RBL Bank, IDFC Bank, Kotak Mahindra Bank, and NBFCs (including IFMR, Reliance Capital).

Speaking on the development Nick Shalek (Partner) from Ribbit Capital said, “We’ve been impressed by the Capital Float team as the company has achieved remarkable growth by delivering innovative products to small businesses and providing attractive returns to investors on the platform. With this financing, Capital Float is further cementing its lead as the top technology-enabled NBFC in India and we are thrilled to support the company’s journey.”

On the other hand, the cofounder stated “We are growing at an exciting pace, currently originating over INR 200 Cr in disbursals every month. Over the past year alone, we have disbursed loans of INR 2,500 Cr to 12,000 plus customers across 300 cities.”

Inside of Capital Float

Capital Float was launched in the year 2013 with the vision of getting loans to SME with a loan size of INR 50k to 1 Crore. It caters to sub-segment under SMB Loans such as Merchant Cash Advance, Online Seller Finance, Pay Later, Invoice Finance among others. The platform is popular with SMEs, ecommerce merchants, small manufacturers and early-stage B2B service providers to obtain flexible and short-term loans for their intermittent needs.

The company founders are Gaurav Hinduja and Sashank Rishyasringa and they both come from a financial background. As per the co-founders, Capital Float currently has an ‘active loan book of INR 700 Cr and plans to grow these assets under management to INR 1,500 Cr.’

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  1. Pingback: MatrixPartners funds FinTech firm Ziploan | The Startup Mojo

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