An interesting fintech startup announced a funding of USD 4 million ￼
An interesting fintech startup announced a funding of USD 4 million
A fintech startup has raised funds. What an interesting and exciting piece of news it is!
Let us talk about the fintech industry and the startups working in it. First of all, if we explain what is a fintech, it is defined as finance+technology. The main motive of the fintech industry is to challenge the traditional financial methods and therefore make use of technology to improve and better them in the domain of finance.
Some of the basic examples of fintech are- digital lending and credit, mobile banking, mobile payments, cryptocurrency, blockchain, insurance, and trading.
When talked about in terms of the valuation of capital funding and investments in the sector of fintech, this industry of India comes in the top five of the world. The year 2016 saw around USD 270 million being received in terms of funding.It has been assessed and found out that there are three ways in which the Indian fintech industry is bringing a change. The three ways are as follows-
1. The fintech industry will be helpful in diminishing costs and eventually improving the quality and performance of the financial services of the country.
2. The fintech industry will be engaged in the development and evolution of unique and innovative models, that will be further used for the assessment and calculation of the risks.
These models can be constructed by taking the help of big data, machine learning, and thus will help in improving the financial services of the country.
3. The fintech industry will eventually be able to create a diverse, secured, and stable landscape of financial services. They provide a platform to improve in terms of both capabilities and culture.
Our country has more than 2100 fintech startups and the value of the Indian fintech industry in the year 2020 was USD 50-60 billion and is predicted to grow to USD 150 billion by the year 2025.
Around 12 fintech startups of the country have already been declared unicorn startups. Such fintech startups are Paytm, Razorpay, Pine Labs, CRED, BharatPe, Digit Insurance, PolicyBazaar, CredAvenue, and many others.
Let us now talk about the funding of a fintech startup that has taken place recently. Recently, a fintech startup Niyo had raised funds worth USD 100 million, as of February 24, 2022.
That round of funding was carried on by Accel and Light Rock India. Then another fintech startup Junio raised USD 6 million, as announced on March 04, 2022. That round of funding saw the major participation of UAE-based NB Ventures.
Announcement of funding of a fintech startup
The fintech startup, Credilio has raised funds worth USD 4 million, which is almost equivalent to INR 30 crore, as announced on March 24, 2022. This round of funding that has taken place was the pre-Series A round of funding.
The investors who took part in this round of funding of the fintech startup were Cornerstone Venture Partners, Exfinity Venture Partners, and Mukul Agarwal, who is the founder of Param Capital.
The startup plans to use the funds raised in strengthening its penetration of the product by increasing and enhancing its technological capabilities and even using the potential of growing API stacks of banks and NBFCs.
About the fintech startup that has announced its funding
The fintech startup Credilio was founded by Aditya Gupta, Anand Kapadia, Munjal Dhamecha, Sandeep Ghule, and Amit K. Gupta and has its headquarters in Mumbai, Maharashtra, which is the financial capital of the country, India.
The startup is engaged in bringing the personal touch to digital personal finance.
It claims to be a trustworthy financial services brand for consumers, lenders, and partners.
While most of the banks and NBFCs offer credit cards and personal loans on their mobile application or website, customers still largely struggle with the processes and do not have sufficient knowledge, know-how, and confidence to make their own decisions.
The solution offered by the startup is simple – it is stepping in to bridge the gap through a Digital Financial Advisor, who will guide the customer from lead generation, application to disbursement for a seamless experience.
It has digitized and standardized the processes to make it smooth and hassle-free, without removing the human angle.
The neighborhood advisors are also suitably placed to assist customers in person as and when required.
The features provided by the fintech startup are-
1. Complete Service– The platform allows the users to search and apply digitally, and get it delivered, thus providing them the complete service.
2. Everyone is invited- All age groups, income profiles, and across India.
3. Personal attention– Trained advisor assigned from the own area of the customer to guide them through the online application process.
4. Apply online for the meetup– The advisor will assist the customer with his digital application over the phone or in person.
5. Easy and simple– Uniform digital application process across cards and loans.
6. One helpdesk– This feature gives the opportunity and freedom to the client to make a call to the startup for any assistance and requirements, even after the card or loan has been issued and all the formalities have been done.
The banks in the partnership with the startup are AXIS Bank, IDFC First Bank, Freecharge by AXIS Bank, Bajaj Finserv, PaySense, HDFC Bank, ICICI Bank, Standard Chartered, Yes Bank, SBI Card, CITI Bank, and many more.
The fintech startup has more than 10 banks and loan companies, has offered more than 100 card and loan options, has more than 1K Credilio Advisors, and has more than 10k happy customers.
About the founders of a fintech startup that has received funding
The fintech startup Credilio was founded by Aditya Gupta, Anand Kapadia, Munjal Dhamecha, Sandeep Ghule, and Amit K. Gupta.
Aditya Gupta is the CEO of the startup. Before Credilio, he was engaged in building a digital payments enterprise, TranServ which was in partnership with banks, NBFCs, and e-commerce companies.
He has almost two decades of experience in finance and retail services and has worked with HSBC Bank, ICICI Bank, and Maruti Suzuki.
Anand Kapadia is engaged in Distribution in the startup. Before Credilio, he was engaged in the agent distribution channel at TranServ. He has an experience of more than a decade in managing mortgages and business loan sales.
He has been a National Sales Head at HSBC and regional head at Barclays Bank and ICICI Bank.
Munjal Dhamecha is the CTO of the startup. Before Credilio, he was the CTO of DearO, Rentomojo, Grabhouse, Make Sense, and Just Dial. He has an experience of more than 15 years of building scalable technology solutions.
Sandeep Ghule is the CPR of the startup. He has experience of more than 20 years in the domain of Product and Marketing and has built and marketed technology-enabled cards, wallets, and digital payments products at ICICI Bank, HSBC, TranServ, and Indiabulls Consumer Finance.
Amit K Gupta is the Tech Advisor of the startup. He has experience of more than two decades as a product engineer and has built scalable and distributed systems at TranServ and MakeMyTrip. Currently, he is the Chief Technology Officer at Rebel Foods, the largest internet restaurant chain in the world.
The startup is doing something very different and innovative. We all are reaching heights of automation but the basic knowledge is still missing. The startup has its primary focus on that. We wish the startup a bit of good luck and hope it has a bright and successful future ahead.
edited and published by nikita sharma