India: Online lending platform KountMoney raises seed from Ashish Goenka, others

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Online lending marketplace KountMoney has raised an undisclosed amount in seed funding from Ashish Goenka and other angels through TracxnSyndicate, according to a statement.

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.

KountMoney, which competes with the likes of Loanbaba.com and IndiaLends, claims to have processed over 150 loan applications so far.

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.

Also Read: IndiaLends secures $1m funding from DSG Consumer Partners, others

Loanbaba receives angel funding

Image Credit: Freedigitalphotos.net

 

 

 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.