India-based Ziploan, a small ticket business loan provider, has closed a round of funding from Matrix Partners India.
Other backers that participated in the round included, WaterBridge Ventures, Whiteboard Capital and former Capital 18 managing director Sarbvir Singh.
ZipLoan is a small business financing company helping to simplify credit access to companies. The company’s credit-scoring solution is able to automate decisions to speed up the whole loan process. The platform gives users access to working capital loans of up to INR 5 Lakhs ($$7,700), on a 12 to 24 period and without collateral.
This wave of capital will be used by the company to expand the team, enter new geographies and develop its product.
Matrix India managing director Vikram Vaidyanathan said, “With 40 million SMEs, SME-lending is a large opportunity, but with tough execution challenges. We believe a cautious, technology-led approach can bring down underwriting and sourcing costs enough to serve the SMEs at smaller ticket sizes.”
India saw a wave of FinTech activity last week, after P2P lending startup LenDen bagged $500,000 in equity, online insurance aggregator RenewBuy closed a $9.2m investment from Amicus Capital, and YES Bank signed a partnership with Abu Dhabi Global Markets to foster cross-border payments.
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