The digital lending space is booming as investors are focusing on this market. In this market, the recent development is that a Bengaluru-based online lending platform SmartCoin has secured $2 million funding in Pre-Series A round led by Chinese Venture Fund.
The funding round also saw the participation of US-based Accion venture lab and from its existing investors i.e. Unicorn India Ventures and Mumbai-based accelerator ISME ACE.
In 2016, the fintech startup SmartCoin was founded by Vinay Kumar Singh, Jayant Upadhyay, Rohit Garg and Amit Chandel. The mobile app based lending platform is capable of assessing the risk profile of a prospective borrower in real time by using data science and machine learning algorithms. The company plans to use the raised funding for team expansion and to upgrade its technology.
Garg said, We believe that we have just managed to scratch the surface and this opportunity remains hugely untapped. Thus, bringing on board large investors who understand fin-tech better will help us extend our customer base over time.
Michael Schlein, President of Accion said, SmartCoin illustrates how innovative lenders are leveraging data, mobile access, and Indias digital infrastructure to extend loan access for the financially underserved.
Yesterday, a Delhi-based digital lending platform Cash Suvidha has also raised $1 million funding from Initia Holdings, others.