India-based P2P lending platform Any Time Loan has closed a INR 250m ($3.9m) investment from Spice Mobility.
Any Time Loan is a P2P lending platform that offers personal, education and business loans to borrowers. The loans are supplied by registered lenders on the platform, who are able to access lower costs and interest on investments.
Spice Mobility operates banking infrastructure platform Spice Money, which allows users to send or receive money locally or globally. The solution also offers the ability to make cash deposits, cash withdrawals, balance enquiries, and bill payments, among other services. With the partnership, the company will be able to offer loan products made for customers.
Spice Mobility chairman Dilip Modi said, “As part of the digital strategy, FinTech will be one of our core areas of growth. Given the lack of access of formal credit to significant part of the population, we believe that new age digital platforms can help bridge this gap, bringing a larger population base into the formal financial economy. ATL has demonstrated good initial traction in this space, and we are excited to partner with them to accelerate our goal of financial inclusion”
Earlier this week, fellow P2P lending solution LoanBook closed its own round of funding. The Spanish company closed a crowdfunding campaign on £737k, which included a £340k investment from current shareholders, angel investors and family offices.
Late last year, India-based expense management platform Happay closed a $10m Series B round of funding. The capital was supplied by Sequoia Capital, Axiom Capital and AME Cloud Ventures. NestAway Technologies, an Indian online home rental startup, also recently closed a funding round, picking up $50m.
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