Lendingkart Finance has received its latest funding, with a $7.7m investment from India’s fourth largest private sector bank YES BANK.
India-based Lendingkart is an online loan provider for small and mid-sized businesses in the country which don’t have access to traditional credit avenues.
The platform uses its machine learning algorithm to evaluate companies and determine financial health, comparative market performance and social reliability & compliance.
With the capital, Lendingkart will continue building its loan book as the company expands to SMEs operating in tier three and below cities.
Lendingkart Technologies CEO and co-founder Harshvardhan Lunia said, “At Lendingkart Finance, as we expand our reach to meet the growing needs of millions of small businesses in the country, we are extremely pleased to have YES BANK on-board supporting our vision.
“YES BANK is a dynamic and innovative institution with sound knowledge of the Indian financial sector while also undertaking substantial work towards promoting FinTech in the country.
“We firmly believe that our relationship will prove to be mutually advantageous, complementing each other’s strength as we drive true financial inclusion.”
The firm raised a $32m Series B funding round last year, with this investment brings total funding for Lendingkart to around $54m.
Copyright © 2017 FinTech Global