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- Paytm Debit cards will now be delivered via App. Paytm to touch $14 Bn GMV - January 19, 2018
- Angel List started their Syndicates Platform in India - January 17, 2018
- Razor Pay raises $20 Mn as Series B from Tiger Global and Y Combinator - January 16, 2018
One of the fastest growing segment that is gaining traction after digital wallet in FinTech Startup segment, seems to be the new Consumer Lending Platforms which either helps the consumers to get the loan from an authority like a bank or lends money basis some pre assessment guidelines.
One such Bengaluru based Startup which provides personal loans worth $765-$7,656 (INR 50,000 to INR 5 Lakh) to salaried professionals has raised undisclosed amount of Seed funding from Kae Capital. Speaking on the development Shubhankar Bhattacharya, Venture Partner at Kae Capital, stated, “From an investor’s perspective, consumer lending represents an interesting dichotomy between a very large market and a highly competitive market. There are many segments in the personal loan market that are untapped and furthermore, in most cases a decision is taken on the applicant’s bureau score. CrediFiable goes beyond the traditional bureau score and instead looks at many other traditional and non-traditional parameters when assessing the borrower. We feel that this allows them to reclassify borrowers and unlock value based on a ‘truer’ assessment of super-prime and near-prime borrowers.”
The Startup CrediFiable was founded by one of the founders of early stage Seed investment firm Sol Primero, Presha Paragash. Presha on the development added, “Salaried Professionals looking for personal loans are only concerned with three pain points: certainty of obtaining a loan, final loan package (quantum and interest rate) and speed. The CrediFiable underwriting model has been designed to address these three pain points without compromising on its Portfolio Risk. Our technology-enabled solution allows us to ‘capture’ the customer while simultaneously rejecting sub-prime candidates.”
Recently some of the Startups which have raised funds to expand their reach are MoneyTap and Capital Floats. Such Startups deal with a greater pain points of the consumer inability to understand comprehensive and often jargoned and lengthy processes to get into, before obtaining the loan. In addition to it the formalities for the loan seems to be time consuming which further adds agony to the end consumer who needs it.