Lending startup Avail Finance bags $9 million from Matrix Partners in second round of funding

Must Read

President Ram Nath Kovind appoints new governor for Kerala, Telangana, Himachal Pradesh and Maharashtra

President Ram Nath Kovind appointed new governors for Maharashtra, Kerala, Telangana, Rajasthan, and Himachal Pradesh on Sunday. https://twitter.com/ANI/status/1168037199767457792 Former Union Minister Kalraj...

NRC list for Assam released; Fear looms as 19 lakh people face exclusion

NRC (National Register of Citizens) for Assam has been published at 10 am today. The final list excludes over...

Lateral Entry Era Begins as Union govt. appoints 9 professionals to Joint Secretary posts

The government has appointed its first batch of private professionals to the post of Joint Secretary in various ministries....

Bengaluru-based lending startup Avail Finance has raised $9 million (more than Rs 60 crore) in a second round of equity funding from Matrix Partners India. The startup will use the funds to foray into a neo-banking platform.

The startup was founded by Ankush Aggarwal and Tushar Mehndiratta, aims to identify credit-worthy individuals in the Indian population that are currently underserved by formalized lending institutions such as banks and NBFCs, and provide them with a line of credit using an online app that enables access to personal loans in just a few moments.

In simpler terms, Avail Finance provides Indians with an instant online loan app built for them to have access to fast cash anytime, anywhere.

“Our initial experience in lending helped us learn that we need to step back and create a complete product suite so that our customer can live their entire lives on Avail,” said Aggarwal.

Avail Finance wants to extend its portfolio to a complete digital banking offering for bluecollar workers, addressing their requirements across savings, investments and insurance. 

Moreover, the firm has started with a personal loan product for employees, partnering Ola, Swiggy, Zomato and Quess Corp.

Also, the company has developed an interest-free loan that protects this customer segment from income fluctuations.

On other hand, in March 2018, the startup had raised $17.2 million from Matrix Partners, along with multiple seed investors like Ola founders Ankit Bhatia and Bhavish Aggarwal, Cred founder Kunal Shah, Flipkart cofounder Binny Bansal and Mswipe founder Manish Patel.


Please enter your comment!
Please enter your name here

- Advertisement -

Latest News

Tropical storm forces cancellation of flights in Japan, S.Korea

Tokyo, Sep 22 (IANS) A powerful tropical storm was on Sunday moving towards the coasts of Japan and South...

Akshay shoots with Kriti Sanon’s sister for music video

Mumbai, Sep 22 (IANS) Actor Akshay Kumar on Sunday shot for singer B Praaks new single with actress Kriti Sanon's younger sister Nupur.It is...

Britney Spears: My sister inspired me to go dark

Los Angeles, Sep 22 (IANS) Singer Britney Spears says her younger sister Jamie Lynn inspired her to ditch her famous blonde hair and dye...

Will Smith defends his alcohol use

Los Angeles, Sep 22 (IANS) Hollywood star Will Smith got defensive when his wife and actress Jada Pinkett Smith confronted him about his alcohol...

BJP in a fix over candidates for UP bypolls

Lucknow, Sep 22 (IANS) The political temperature in Uttar Pradesh is rising since the announcement of dates for bypolls to its 11 Assembly seats....
- Advertisement -

More Articles Like This