Digital lending platform CrediFiable has received an undisclosed investment from Kae Capital.
India-based CrediFiable is a lending platform which uses its data-driven underwriting technology to offer loans to people with or without credit histories. Borrowers are able to receive a loan from INR 50,000 ($760) to INR 5 Lakhs ($7.609).
Borrowers simply fill out an application, upload bank/credit card statements, select a EMI plan and upload identification and funds deposited within 48 hours.
Currently the platform has received over 1,000 applicants and has two lending partnerships. The company distributes around INR 5 crores ($760,000) a month, according to the company.
Kae Capital venture partner Shubhankar Bhattacharya said, ?From an investor 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 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 ?truerassessment of super-prime and near-prime borrowers. ?
Earlier in the year Kae Capital led the $4m Series B round into online loan provider LoanTap. The India-based company is planning to use this capital for expansion across the country, as well as technology expansion.
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