Digital lending platform StashFin on Wednesday announced that it has partnered with non-banking finance company DMI Finance to raise Rs 30 crore for onward lending through its platform, StashFin.com.
Started in February 2016 by entrepreneur Tushar Aggarwal, StashFin is a digital lending venture, started by a team of former financial services professionals, and is dedicated to making credit lending easy, transparent, safe and secure for borrowers across India.
Personal loans are delivered either through a bank account or through an innovative visa prepaid card, where the interest is charged only on the amount withdrawn, making it suitable for borrowers who wish to have financial flexibility at a lower cost.
Arindam Das, CEO, DMI Finance, said,
“Rising first-time borrowers and increasing credit penetration in underserved customer segments combined with the government’s thrust for financial inclusion has resulted in rapidly increasing demand for capital by Indian households. This partnership with StashFin is in keeping with DMI’s objective of being a flexible, innovative and impactful lender in the area of personal loans. DMI’s technology-driven underwriting and strong balance sheet will complement StashFin, a new-age fintech company using data stacks with strong technology understanding.”
Tushar Aggarwal, Founder of StashFin, said,
“We aim to fuel the aspirations of our customers through easy and seamless credit-lending, digital model. In a short span, we have to increased our customer base several-fold. Our partnership with DMI Finance will further help us to accelerate our growth and increase our imprint across India. We look forward to creating a differentiated value proposition for our borrowers.
Last June, the Delhi-based fintech startup had announced raising $5 million as a part of its pre-Series A round, from Snow Leopard Ventures (private equity arm of Kirloskar Group) and Singapore-based Alto Partners.
In November, the company had also tied up with loan marketplace PaisaBazaar for loans and cards to provide better flexibility in availing credit and ensuring quicker loan disbursement.
StashFin competes with players like Mumbai-based PaySense and EarlySalary.