Online lending platform KountMoney.com has raised an undisclosed amount of seed funding led by Ashish Goenka, chairman and managing director of Suashish Diamonds Ltd and other angel investors through TraxcnSyndicate, a platform that lets start-ups connect with potential investors.
Founded in October 2015, the company which offers a platform for personal loans has processed around 150 loan applications so far. The platform offers users with online lending platform for personal loans.
“Our focus is to harvest the data, do deep analytics and apply machine learning algorithms on it and help borrowers to avail loans cheaper and faster and help lenders make better credit risk decisions,” Deepak Modak, co-founder, KountMoney, said in a statement on Thursday.
Financial technology companies have been trying to tap the large unbanked population in India. The Reserve Bank of India had issued 11 payments bank licences to telecos, payment services which include wallet companies and others.
According to a report by Boston Consulting Group (BCG), 13% of India’s total banked population is now using digital banking and growing at 20-25% CAGR.
Both peer-to-peer lending and SME platform lending companies have raised significant funds to capitalise on the loan market, which is set to touch Rs.21 trillion by 2016, according to KountMoney.
“Currently, the unsecured loan market is very unorganized, and credit underwriting of banks and financial institutions are not up to the mark,” said Abhishek Periwal, co-founder, KountMoney said adding that the unsecured loan market accounts for almost 20% of the total loan market in India.
Related Tags:KountMoney, Ashish Goenka, Suashish Diamonds Ltd, angel investors, TraxcnSyndicate