Delhi-based fintech startup Monsoon CrediTech, which offers a machine learning-powered loan has raised an undisclosed amount of funding from a slew of angels, including Sunil Kalra, Aditya Singh, former senior Microsoft executive Rishi Srivastava and Google Vice President for Southeast Asia Rajan Anandan.
Monsoon CrediTech recently draws the attention for its product that can scan social media channels and SMS to determine your credit profile. This includes social media profiles like Facebook, Twitter and LinkedIn, along with information as simple as data usage pattern and SMS.
Incorporated in 2015, Monsoon CrediTech is a team of data scientists and financial analysts with working experience in companies such as Merrill Lynch, Bank of America, The World Bank, and American Express.
It enables lenders to leverage the power of advanced Machine Learning techniques on their loan datasets without having to commit significant resources. Its Machine Learning Access Program (MLAP) helps lenders maximise loan approval rates, minimise delinquencies, and optimise loan-loss adjusted net interest income.
Ashwini Anand, Founder of Monsoon CrediTech said, ”Current NPA levels for banks are around Rs 6,14,872 crore and the use of machine learning could have saved a princely sum of Rs 1,22,974 crore. “This is more money than is required to wipe out hunger in India or give all Indians free medical care.”
Company claims that its machine learning programme can save at least 20 per cent of a bank NPA. Take it across banks the savings can be astronomical. This is the most appealing part of the startup.
“Monsoon, unlike the others is this space, is focused on doing just one thing – building world class machine learning technology that can turn around the performance of loan books. This enables them to focus on making credit decisions – their core competence, without worrying about things like lead acquisition, regulatory compliance and collections,” says Rishi Srivastava, one of the investors in the startup as reported to ET.
So far fintech has been one of the most funded sector in the year 2017. More than 25 such start-ups have got funding. Earlier this month, Billionloans raised $1 mn from Reliance Capital, Mumbai-based LaonTap secured $4 million from Kae Capital and others, Open raises $250k from PayU India executives, Trupay raises $700K from Kae Capitals to name a few.