Micro-lending platform KrazyBee has bagged a $8m Series A financing round led by Xiaomi Technologies and Shunwei Capital.
Other backers to the round, which was a mix of equity and debt, include are E-city Ventures and RK Group.
India-based KrazyBee is an e-commerce shopping platform which helps students with online shopping, by offering a range of payment plans. Through the application a user completes an application, sends a campus verification, orders a product, makes a down payment, and then makes regular payments.
Earlier in the year, KrazyBee received a NBFC license from the Reserve Bank of India, giving it flexibility to source and manage funds.
The new equity line will help the company to boost its risk model and algorithm systems, and to support the integration in new market segments. The funding will also help with the diversification of products and global expansion.
Madhusudan founder and CEO of KrazyBee said, ?We are actively working towards a risk algorithm that helps us achieve a system-generated decision on every profile, and we are optimizing that further in terms of efficiency & accuracy. Also, being in the FinTech space, compliance is the key and hence, we follow all the regulations very strictly.p>
Following the investment, total funding into KrazyBee has reached $13m, following a $2m seed round in 2016 from Fenqile and YeahMobi. The company also scored a $3m pre-Series A funding round from Plum Ventures.
The Asia marketplace lending sector has seen a rise in funding this year, with the sector seeing $658m deployed in Q3 2017, compared to $307m in the opening quarter.
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