Datasigns Technologies, which operates lending platform Shubh Loans, has raised $1.5 million funding in its pre-Series A round from SRI Capital, BeeNext and Pravega Ventures.
The Bengaluru-based company plans to use funds to build its technology team and expand its reach from seven markets to 25, reports ET.
Datasigns, which works for both borrowers and institutional lenders, has a mobile app, Shubh Loans, which helps borrowers generate proprietary individual credit score using traditional and secondary data points. Datasigns lending partners use this credit score for lending.
The credit score generated by the Shubh Loans app is dynamic and changes with the borrower’s behavior and financials, and it also offers a paperless loan experience.
Incorporated in 2016 by Monish Anand, Rahul Sekar, Anand Barua and Tushar Patel, Shubh Loans is a vernacular language app that builds a proprietary credit score and report for loan applicants, who can then borrow from any of the nine banks and NBFCs on the platform.
Since its launch, over 60,000 customers have built their credit score using Shubh Loans.
The platform claims to have a monthly growth rate of 50% and aims to bring over 10 lakh people into the formal banking system through its lending and credit-building product.
“We are targeting people, who do not have access to bank loans and bring them into the formal banking economy,“ said Monish Anand, CEO of Shubh Loans. “Using the Shubh Loans app, users can apply for a loan of up to Rs 2 lakh for a maximum time of two years,” he added.
In November 2016, the fintech startup had raised an undisclosed investment led by Sanjai Vohra, former Managing Director, JP Morgan and UBS, and V Bunty Bohra, Managing Director and India CEO with a global investment bank.
Of late, a series of lending platforms have raised funds, adding to the coffer of Fintech industry in the country. Recently, Bengaluru-based SMEs-focused digital lending startup Capital Float, has raised Rs 293 crore in its series C round of funding led by Silicon Valley-based Ribbit Capital.
Earlier, digital lending platform Lendingkart raised $10 million in debt from Kotak Mahindra Bank, Aditya Birla Financial Services and Tata Capital including other financial institutions. Bengaluru-based P2P Instamojo, that provides on-demand payment for small businesses, also raised an undisclosed amount of funding from Japan’s payments firm Anypay.
Shubh Loans: Website