India-based digital lending platform RevFin has reportedly raised a seed round from a group of angels.
Some of those contributing to the round included Litejoy International CEO Harash Jain, Anil K Goyal and associates founder Anil K Goyal, EVP Pyramid Consulting senior technology executive Anil Lanba and Krishan B Singh, according to various reports in the media.
Having launched earlier this year, the company is looking to initially offer two products, a personal loan and an emergency loan. According to the reports, the company hopes to create a lending book of 500 crores ($67.5m) over the course of the next five years.
This capital injection will be used to launch its services across India, build upon its technology, and boost its distribution, the articles state. In the future, the company is hoping to expand internationally.
Last month, fellow Indian FinTech company Satya MicroCapital pulled in a $4.7m investment from BlueOrchard. The company offers prompt, convenient, and affordable collateral-free credit to people at the bottom of the economic pyramid with a strong credit assessment system.
P2P lending platform Finzy also closed an investment recently, bagging $2.3m in a pre-Series A round. Finzy connects borrowers and investors to get personalised rates of interest.
Last year, the majority of funding into India’s FinTech space went to companies developing payments and remittances solutions, according to data by FinTech Global. Of the $7.3bn deployed to the country, 84 per cent went to the payments sector and 10 per cent, the next biggest share, went to marketplace lending solutions.
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