CreditMate, Mumbai based online lending platform has raised $500,000 from the VC fund, India Quotient. The raised funds will be used in strengthening the technology and getting more vendors on board.
Founded in 2016 by Aditya Singh and Jonathan Bill, CreditMate works as an online platform focusing on the used two wheeler segment in India. The startup claims to provide low-interest loans to the individuals buying used two-wheelers. It works with a network of dealers to provide loans to corporate and individuals.
The platform works as a technology focused lending platform with data driven algorithms. The algorithms helps check the viability of loans for the individuals quickly. The applicant just needs to enter the model of his choice along with the monthly income. The platform then suggests him the best available options along with the EMI details and others.
Talking on the development, Jonathan Bill, CoFounder CreditMate stated that they are targeting the blue-collar work force which could range from retail store employees to delivery boys. With CreditMate, the applicant gets possession of the vehicle within two working days.
Currently, the team is working with around 25 verified dealers from across Mumbai. To be eligible for the loan, the applicant needs to have a minimum salary of INR 10,000