Founded by IIT/IIM alumni Rohit Garg, Amit Chandel, Vinay Kumar Singh and Jayant Upadhyay in 2016, Smartcoin acts as a consumer micro-lending platform focused on the middle/lower-income segments in India.
Bangalore based lending startup, SmartCoin, has secured $2 million in pre-series A round of investment led by a Chinese VC firm and Accion Venture Lab. The round also saw participation from existing investor Unicorn India ventures and fintech accelerator ISME ACE. The company enables small to mid sized ticket loans to mobile users after building a SmartCoin credit score, which is backed by data science and machine learning. Smartcoin had previously raised $500,000 from unicorn India Ventures, last year. The company further plans to use the funds to further invest in technology and grow its team as it continues with its expansion plans.
Commenting on the freshly secured funds, Rohit Garg, Cofounder of Smartcoin said, “We have seen a sharp uptick in growth over the past year and have successfully disbursed over 50,000 micro loans. More importantly, we have been able to open credit access for people who were not able to tap the formal channels and were otherwise dependent on personal networks and loan sharks. With this round, we expect to grow the momentum and further scale 10X over the next 6–12 months. Having specialists as investors, who are passionate about micro-lending, on board will only help us cover more ground not only in India but globally too.”
Founded by IIT/IIM alumni Rohit Garg, Amit Chandel, Vinay Kumar Singh and Jayant Upadhyay in 2016, Smartcoin acts as a consumer micro-lending platform focused on the middle/lower-income segments in India. The company further uses proprietary credit underwriting models based on machine learning and data science over vast amount of traditional and non-traditional variables.
Paarul Dudeja, Director of Investments for India, Accion Venture Lab added, “SmartCoin exemplifies what we at Accion Venture Lab look for in a partner, with its strong entrepreneurial team that is driven by the mission of providing increased access to credit through nano lending to the underserved by using an all-digital platform to expand its reach.”