SMEcorner, a digital lending business, has reportedly raised $30m in its Series B funding round which was led by Paragon Partners.
Contributions also came from Quona Capital, Accion Venture Lab and angel investors, according to reports in the media.
The fresh funds will be used to support the scaling-up of the company, establishing new partnerships and expanding its market presence. SMEcorner also plans to issue around $137m in loans over the next year, as it looks to reach 20,000 new customers, the reports state.
Headquartered in India, the startup provides small businesses with easy access to loans, either unsecured or against property. To receive a loan, a company simply launches an application, submits recent documents and then checks loan eligibility.
Earlier in the month, fellow SME lending platform Lendio collected $55m in a round made up of both debt and equity. The round was backed by Napier Park Financial Partners, Comcast Ventures, Blumberg Capital, Stereo Capital and Runa Capital.
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