MSMEs-focused credit based lending marketplace CoinTribe has raised $10 million equity capital in Series-B round led by Sabre Partners along with participation from existing investor, Puneet Dalmia.
With this round of funding, total equity capital raised by CoinTribe has increased to over $15 million.
The Gurugram-based fintech company plans to use the funds to further enhance capabilities of its proprietary online credit algorithm and expanding into new markets, reveals the company’s press statement.
CoinTribe was floated in 2015 by Amit Sachdev, Manish Chaudhari and Rohit Lohia. It currently offers unsecured term and working capital loans to small businesses.
The company operates on two models i.e. marketplace model and platform-as-a-service model. While its marketplace model facilitates loan origination and credit assessment, the PaaS model offers risk analysis and recommendation services to banks and NBFCs to digitally underwrite their customers.
CoinTribe has integrated its systems with banks and other entities which allow them to do digital KYC, e-signature verifications, checks with the credit bureaus and quick reading of bank account statements of these SMEs.
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The company has so far partnered with leading banks and NBFCs, which include Axis Bank, Yes Bank, RBL Bank, DBS, IIFL, Clix Capital and SMC Capital. Apart from lending, the platform is being used by four private and foreign banks on a white labelled basis.
For uninitiated, a white label refers to a product or service that is purchased by a reseller who rebrands the product or service to give the impression that the new owner created it. White label products are often produced via mass production.
CoinTribe claims to be disbursing Rs 20 crore every month and is targeting to disburse Rs 600 crore by the end of the current financial year.
Sabre Partners, founded by Rajiv Maliwal, has invested over $300 million in India in HCG Hospitals, Thyrocare, Oyster & Pearl, Vyome Biosciences, Portea, DCB Bank, including several other.
