LoanAdda, which offers small-ticket loans, has collected a funding round through the fundraising platform ah! Ventures High Tables.
Contributions came from investors including PRAAK Investments and Ratnaafin Group.
The amount of capital raised in the round was not disclosed.
With the fresh burst of funds, the FinTech will look to deepen its technology and data science capabilities, as well as hiring more staff and scaling its lending volumes.
The FinTech, which was founded in 2015, has built an end-to-end solution of lead origination, credit underwriting and collections in a series of APIs. India-based LoanAdda leverages machine learning technology which analyses various data points to build a risk profile for customers.
Users can apply for home, personal or business loans, as well as take out a loan against property.
LoanAdda founder Anshuman Mishra said, “We’re the largest distribution platform for unsecured loans in Tier 2 & 3 towns and one of lowest NPAs for co-lending product for digitally underwritten loans by leveraging technology.
“During lockdown and post Covid 19 situation when loans will have to be remotely assessed, disbursed and collected, our pan India distribution platform in over 550 towns and cities has played a crucial role in giving confidence to lower segments that they too can access funds online. As a provider of digital lending it is very well-placed to benefit from the continuing adoption of digital finance channels by Indian households and companies.”
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