New Delhi-based digital lending startup RevFin, has raised an undisclosed amount of seed funding from a clutch of angel investors.
The investors that participated in the round include Harash Jain, CEO, Litejoy International, Anil K Goyal, Founder, Anil K Goyal, and Associates, Anil Lanba, Senior Technology Executive, EVP Pyramid Consulting, and Krishan B Singh, New York-based Investor.
The funds raised will be used to launch its services in the Indian market, improve its technology infrastructure and enhance its distribution. RevFin plans to tap the lending market which has traditionally been the domain of banking institutions.
RevFin was founded by IIT Kharagpur alumnus and former HSBC banker, Sameer Aggarwal. The fintech startup uses its platform to provide loans to the financially underserved populations through its NBFC arm. The startup will underwrite and disburse loans digitally through Android and iOS Apps.
The startup provides both personal and emergency loans through its platform. The fintech startup is looking to build a lending book of ₹500 crores, over the next five years, as it expands its footprint across the country.
Talking about the investment and the support of the angel investors, Sameer Aggarwal, Founder & CEO, RevFin said, “Our vision is to create a lending platform that is agnostic of language, literacy, geography, and culture and through this seed funding round, we are looking forward to launching our services all over India. People residing in tier 2 and tier 3 are our core target group who want to fulfil their needs and dreams.”
Other players in the digital lending space competing with RevFin include LenDenClub, Upwards, ZestMoney, Lendingkart, InstaPaisa, Olly Credit, Paysense, Bon, and RupeeCircle, among many others.
Last month, digital lending startup Qbera raised ₹21 crores from E-City Ventures. Another microlending startup Upwards raised ₹36 crores in a series A funding led by Shunwei Capital.