The startup’s web-based platform offers users with an online lending platform for personal loans, and aims to make lending simpler, and hassle-free for both borrowers, as well as lenders.
“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,” said Deepak Modak, co-founder of KountMoney.
The startup projects loan market to be growing at 20% per annum, and is expected to touch Rs. 21 lakh crore by 2016. Out of this, the share of the unsecured loan segment stands at around 20%.
“Currently, the unsecured loan market is very unorganized, and credit underwriting of banks and financial institutions are not up to the mark.” Hence, KountMoney’’s main focus is to organize the segment and bridge the gap between lenders and borrowers through infusion of technology and data science,” said Abhishek Periwal, co-founder of KountMoney,
Founded in October 2015 by Modak, Periwal and Abhi Ranjan, KountMoney provides borrowers a fast and easy solution to find personal loans best suited for their needs without visiting any lending institution. On the other hand, lenders can use its technology to make loan disbursement process faster and smoother, thereby reducing the overall costs, in terms of infrastructure, manpower and technology.
“The Fintech space is a very fast growing market, and is one where execution plays a very important role. I trust that KountMoney has the expertise in technology and data science to ensure that the right level of execution takes place,” said Goenka, chairman and MD of Suashish and an investor in the company.
Earlier this month, Mumbai-based Sahas Technologies Pvt Ltd, which runs online lending marketplace Loanbaba.com received $320k in angel funding from a group of angel investors. In October, IndiaLends too raised $1 million in bridge round from existing investors DSG Consumer Partners, Siddharth Parekh, Gautham Radhakrishnan and other angel investors.
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