Mumbai: Credit Fair, a consumer lending fintech start-up, raised $ 15 million in its fundraising round led by seasoned angel investors Anand Ladsariya and Alok Agarwal, who have previously supported start-ups such as Oyo, Ola, Myntra, Healthkart, Wow Momo, Uniphore and 1mg.
The fintech start-up will take advantage of the capital injection to increase its technological team, improve underwriting models and expand into level 2 and level 3 cities to develop its assets under management and make further progress in its financial inclusion mission, he said in a statement.
The start-up plans to empower every Indian to move up the credit ladder by giving them access to the right amount of credit at the right cost and at the right time, he added.
“Our business aims to financially empower Indians in remote areas or those without credit who have traditionally made up some of the least banked and underserved segments of the country. To this end, we are providing credit to key sectors that are crucial to improving India’s social infrastructure, especially in these times of Covid, and enlisting the support of seasoned angels like Siddharth and Alok, who believe in our vision. We will use the funding to accelerate our progress towards creating a financially inclusive future for Bharat, ”said Aditya Damani, founder of Credit Fair.
Founded in 2018, the company provides business and personal lending solutions with no-fee or low-cost, unsecured point-of-sale lending options. Ticket size varies from ₹10,000 to ₹20 lakh and term of three months to three years.
Credit Fair has become one of the most trusted financial partners for over 1,000 merchants, including notable brands like upGrad, Nova IVF, Design Cafe, Asian Paints, Arrivae, Hero Electric and Ampere by Greaves for n ‘ to name a few.
The product will be used on a large scale by expanding partnerships with traders and to multiply active traders by 5 in 1 year and 15 times in 2 years, to increase disbursements to an execution rate of $ 10 million per month in 2 years, focus on consumers with a single product loan or no credit instrument and make instant payments to our merchant partners.
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