Lendingkart said to raise $2.95m just days after closing $30m Series D

Lendingkart, an India-based SME lending platform, has reportedly raised $2.95m, just days after closing its Series D on $30m.

These new funds were supplied by Sistema Asia Fund, according to a report from PYMNTS.

The FinTech recently closed its Series D following investments from Fullerton Financial Holdings, Bertelsmann India Investments and India Quotient, and others.

With the fresh capital injection, LendingKart is hoping to increase its lending range, find new clients and bolster its product offering.

Lendingkart is an online lending platform for small and mid-sized businesses in India that do not have access to traditional credit.

The company utilises big data analytics and machine learning algorithms to measure a consumer’s credit score. Financial health, comparative market performance, social reliability, and compliance are some of the data factors taken into account.

Sistema previously backed Lendingkart in 2017, supplying the FinTech with $10.5m in an equity round.

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