Online credit scoring and analytics platform IndiaLends has reportedly raised $10m in its Series B round.
Lead investment was supplied by ACP Partners, with participation also coming from American Express Ventures, Ganesh Ventures, DSG Consumer Partners and AdvantEdge Partners, according to various reports in the media.
IndiaLends is an online lending marketplace platform, which offers consumers in India with access to personal loans, credit cards and a credit report. Through the service, consumers can compare the rates and offers of loans and credit cards from a selection of banks and lenders to help them find their best fit.
Some of the banks users can choose from include, IDFC, Tata Capital, Yes Bank, Kotak Bank, and RBL Bank, among others.
The app also lets users get a credit report through its wealth management services. It helps consumers understand their financial behaviours by categorising expenses, and tracking payment history. Through this data collected, as well as information such as age, percentage of utilisation, credit searches and type of credit, the platform creates a credit score.
This equity injection will help IndiaLends to develop its technology, bolster its credit underwriting and analytics, increase its market footprint pan-India, and hire more staff, the article state.
Prior to the Series B, the company netted a $4m funding round in late 2016. The investment was led by American Express’ venture arm, and also received contributions from DSG Consumer Partners, Cyber Carrier VC and AdvantEdge Partners.
Earlier in the week, Mastercard partner with FinTech software developer Strands to create a cash management service for SMEs.
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