Personal lending platform CASHe has reportedly closed a debt financing round of around $3m from IFMR Capital.
This capital will be used to help boost growth and to help develop the loan book of its subsidiary Bhanix Finance, according to an article by VCCircle.
India-based CASHe is a personal loan platform which helps borrowers to get approved for finance, without the need of prior credit history. Users can get access to loans of between INR 5000 ($76) to INR 100,000 ($1,500), on a term of up to 120 days.
To create a credit risk profile for borrowers, the platform uses big data analytics, AI, and predictive tools to build a Social Loan Quotient. This system takes into account a consumer mobile and social media footprint, education, monthly salary and career experience.
Last year the company closed a $3.8m Series A round, which was led by former Blackstone Group co-head of private equity Matthew Cyriac, the article said.
India-based FinTech companies saw a fair amount of activity last week, with P2P leding platform LenDen closing a $500k, online insurance aggregator RenewBuy raising $9.2m, and YES Bank and Abu Dhabi Global Markets signed a deal to foster cross border exchange between the countries.
The Asian marketplace lending sector has seen a rise in funding, having dropped significantly from the $1.1bn deployed in Q1 2016. The funding in Q3 hit $658m, which is the highest amount raised after the high in Q1 2016.
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