Fin-tech startup Loanbaba.com has raised USD 320K in angel funding from unnamed investor who is MD and CEO of a listed Indian company.
The funding will be used towards technology advancement and marketing initiatives.
Loanbaba was co-founded in August 2015 by Sanket Hasabnis and Satchit Hasabnis, having a cumulative experience of more than 10 years in the financial services space. LoanBaba.com is an online destination for all retail loan products. It offers an online comparison and application platform for various retail loan products like home loans, personal loans, car loans, etc.
Loanbaba solves the complex process of hunting various banks for loans, keeping track of different products on offer, co-ordinate with multiple banks at a time and narrow down on one. One can login to their website and compare products on offer from various financial institutions, compare the rate of interest, select a Bank/NBFC and apply.
There has been lot of interest from the investors and entrepreneurs in the Fin-Tech space. Several startups are looking at the use of technology for disrupting the current system of lending, borrowing, personal finance and financial inclusions.
Loanbaba competes with startups such as Loancircle.in, Indialends, Faircent and others.
Few weeks back, Loancircle.in, which is run by Bangalore-based Moneyvation Technologies Pvt Ltd, Consumer lending marketplace had raised an undisclosed amount in angel funding from Toppr.com co-founder Zishaan Hayath, Trifecta Capital MD Rahul Khanna and other investors.
IndiaLends, a Delhi-based credit and financial technology startup, had raised about $1 Mn (INR 6.5 Cr.) in its Bridge round of funding.