Indyfint, a virtual banking space, has raised $2.1 million (approx INR 14 crore) funding in series A round from clutch of individual investors, cited Inc42.
The platform Indyfint will use the infused financials to carve out a strategy to enhance its tech capabilities, build a stronger brand and bring about an innovative customer-centric business models. Besides that, the company will be focusing on accelerating product development and drive its market expansion efforts.
Kuccha, director and co-founder at Indyfint said that the company is expecting to serve over a million users in the coming 12-18 months.
As per its website, Indyfint, which is owned and operated by Obopay, is a marketplace that will allow customers merchants, employees and students to directly connect with financial services providers.
The company Indyfint majorly relies on AI algorithms to analyse the transaction history of potential customers, along with alternative data sources to give out loans. The technology helps the company source and evaluate borrowers.
Furthermore, Indyfint is also developing a proprietary machine learning algorithm for lending to facilitate loans for small business entrepreneurs.
In addition, as per the reports the shift of the fintech landscape in India from payment to include other verticals — like lending tech and insurance tech — has facilitated fintech awareness among the informal sectors of the Indian economy.
Some of the platforms in this domain include Loanzen, LendingKart, CashSuvidha and ZestMoney.