Online lending platform FinREQ has reportedly closed an undisclosed funding round led by Bennett, Coleman & Co through its Brand Capital arm.
India-based FinREQ will use the capital to enhance its deal flow with better brand recognition, as well as boosting market awareness in India, according to various reports in the media.
The company is an online loans platform that uses algorithms, analytics and matchmaking features to help borrowers get the best interest rates and loan terms. Partnerships with over 50 banks and NBFCs help give better comparisons and that all sectors are covered.
The company’s lending partners include DBS, Deutsche Bank, HSBC, IDBI Bank, ING, Standard Chartered and Axis Bank, among others.
Earlier this week, India-based instant loan mobile app EarlySalary secured $15.8m in its Series B funding round led by Eight Road Ventures. Other investors to the round included IDG Ventures and Dewan Housing Finance Corp. The capital will be used to support the growth plans to hit 100,000 loan disbursements a month, by the end of the year.
Over recent months, India’s FinTech sector has had a very active period following a range of companies receiving capital injections. Last week, P2P lending platform Any Time Loan closed a $3.9m investment, while last month saw expense management app Happay net $10m in its Series B.
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