Online lending platform CreditWise Capital has reportedly netted $6m in a funding round from angel investors and family offices.
Investors included Venture Catalysts founder Anuj Golecha, M J Shah Group chairman Mayank Shah and Shanti Group director Anup Agarwal, according to a report from the Economic Times.
Funds from the round will be used to increase the company’s dealer network, increase geographical expansion and improve its collection and underwriting models, it said.
The company, which is based in India, makes it easier for consumers to get a loan for two-wheel vehicles. Applications can be completed online, with CreditWise analysing inhouse credit, multiple bureau reports and a credit profile of the customer.
M J Shah Group chairman Mayank Shah told the Economic Times, “We were impressed with the systems and processes that they have built. The razor sharp focus on cost reduction to achieve scalability in this business was one of the primary reasons for our investment in Credit Wise Capital.”
Earlier in the week, fellow Indian FinTech startup Uni reportedly closed its seed round on $18.2m. The company is currently in stealth but hopes to improve the access to credit cards across the country
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