CreditMate scores half a million for vehicle financing

Indian lending startup CreditMate has raised $500,000 from early-stage investor India Quotient.

The Mumbai-based startup focuses on financing users against used two-wheeled vehicles.

CreditMate is partnered with 25 vehicle dealers around Mumbai at present and requires users to enter their bike of choice and income to determine their monthly instalment and loan repayment time.

It says its lending decisions are made using data-driven algorithms that can allow it to pre-approve loans within three hours.

India Quotient invests in early-stage Indian startups targeting consumers.

The investment is the eighth made from its $16m second fund that it closed in January 2015.

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