Chennai-based FinTech startup, CreditMantri has raised USD 7.6 million in Series B round of funding led by Quona Capital and Newid Capital along with existing investors, Elevar Equity, Accion and IDG Ventures India.
Founded by three former Citibank executives, the company offers a proprietary technology to analyse credit history and helps understand credit worthiness for users.
“The richness in the quality of our credit profiles is validated by the uptake and portfolio performance of the tailormade loan products launched in partnership with financial institutions. The response from consumers and lenders has far exceeded our expectations and validates that we are solving a real market need,” said Ranjit Punja of CreditMantri. The company is planning to use the funds to grow it user base, strengthen its product proposition and build out the team.
Speaking about the investment Ganesh Rengaswamy, a Founding Partner at Quona Capital said “The digitisation of Indian consumer’s financial data, pioneered by CreditMantri, is the catalyst that will help build a truly financially inclusive India.”
he company also provides financial institutions access to better quality consumer risk profiles besides helping these institutions cut down on expensive credit operations processes and disburse loans. Launched in 2012, CreditMantri has raised total funding amount of USD 10.10 million so far. The company claims to have served over 1.4 million users with over 60 percent of users providing access to over 2000+ credit relevant data points in-order to build their profile.
Source: Money Control
