Indian digital lending and financial wellness startup CreditMantri has raised $7.6m in its Series B round.
The investment was led by Quona Capital through its Accion Frontier Inclusion Fund with Elevar Equity, IDG Partners, Accion Venture Lab and Newid Capital also participating.
The Chennai-based startup uses credit reports as well as data from mobile phones and social media to assess users’ loan potential.
The company counts 1.4m customers to date and uses more than 2,000 credit relevant data point to power its lending algorithms.
The platform is designed to allow users to discover loans and credit card deals suitable to their needs that are matched from lenders across the rick consortium.
CreditMantri CEO and co-founder Ranjit Punja said: “The richness in the quality of our credit profiles is validated by the uptake and portfolio performance of the tailormade loan products launched in partnership with financial institutions.
“The response from consumers and lenders has far exceeded our expectations and validates that we are solving a real market need.”
The platform also aims to help borrows to better understand and control their credit score and financial well being.
Quona Capital’s managing partner Ganesh Rengaswamy said: “Lending in India, and doing so responsibly, is a huge opportunity, and alternative data is the key to unlocking this potential.
“The digitisation of Indian consumers’ financial data, pioneered by CreditMantri, is the catalyst that will help build a truly financially inclusive India.
“Quona is very excited to partner with CreditMantri team and we have tremendous confidence in the team and the way they are solving this important problem.”
The new funding follows the company’s June 2015 Series A round went it raised $2.5m from IDG Ventures India, Elevar Equity and Accion Venture Lab.
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