Online lending platform Capital Float has raised $25 million (Rs. 170 crore) in Series B funds. This is the company’s third round of funding, bringing the total equity capital raised thus far to $42 million.
This round of growth capital will help the company to expand its lending footprint to over 20,000 SMEs in 100+ cities, and to introduce new, transformational financial products online, according to a company press release. It will also enable the company to widen capital sources on the platform.
In addition to lending from its own balance sheet, Capital Float operates a lending marketplace with multiple large banks and NBFCs actively participating.
“Today, a customer can apply from anywhere through the web or smartphone, and have their creditworthiness analyzed within minutes using sophisticated algorithms that draw on financial and alternative data. In many cases, we are able to approve and disburse a loan in less than an hour. This unique blend of tech and data is enabling us to scale rapidly while minimizing defaults and significantly lowering the cost of delivery for micro loans,” saidGaurav Hinduja and Sashank Rishyasringa, Co-Founders.
Patrick Fisher, Managing Partner & Founder, Creation Investments, said, “SME lending represents a very large, underserved, and growing market opportunity in India.”
Founded in 2013, Capital Float is a digital finance company that provides loans to underserved small businesses in India via a technology-led loan origination and credit underwriting platform.
Updated Date: May 12, 2016 17:20 PM