Bangalore based online lending platform KountMoney has raised an undisclosed amount of funding from Ashish Goenka and other angel investors.
The funding will be used towards expansion of the team, upgrading the technology, focusing on new marketing strategies.
According to co-founder Abhishek Periwal, “Presently, we have six full-time employees. We are aiming to increase that to 15 by February,”
KountMoney was founded in October 2015 by Abhishek Periwal and Deepak Modak. Its an online platform that facilitates easy and fast funding for borrowers from institutional lenders.
The platform serves borrowers with specific needs—cash for holidays, travel, wedding, home renovation, car repair, pre-owned car purchase or medical expenses.
KountMoney said that they aim to sanction loans for individual borrowers by providing options suited to specific needs and profile, without the requirement of any lending institution.
Modak, co-founder, KountMoney, said,
“Our focus is to harvest the data, do deep analytics and apply machine learning algorithms on it and help borrowers to avail loans cheaper and faster and help lenders make better credit risk decisions,”
There has been initiatives from the financial technology companies to tap the population of India who are still not using the banks. The Reserve Bank of India had issued 11 payments bank licences to telecos, payment services which include wallet companies and others.
According to a report by Boston Consulting Group (BCG), 13% of India’s total banked population is now using digital banking and growing at 20-25% CAGR.
The market is set to touch INR 21 trillion by 2016 according to KountMoney.
Loanbaba.com had raised USD 320K in angel funding from unnamed investor who is MD and CEO of a listed Indian company. Loancircle.in, which is run by Bangalore-based Moneyvation Technologies Pvt Ltd, Consumer lending marketplace had raised an undisclosed amount in angel funding. EarlySalary.com, Pune-based a yet-to-be-launched online lending platform, (FinTech) startup, had raised $1.5 million (around Rs 10 crore) seed capital from Ashok Agarwal of Transcorp Group.