Online consumer lending platform CrediFiable, which is operated by Bengaluru-based OneFiable Technologies Pvt. Ltd, has raised an undisclosed amount of funding from Kae Capital, the startup said in a statement.
Launched earlier this year, the startup provides personal loans worth Rs 50,000 to Rs 5 lakh to salaried professionals.
“There are many segments in the personal loan market that are untapped and in most cases, a decision is taken on the basis of the applicant’s bureau score.
CrediFiable goes beyond the bureau score when assessing the borrower. This allows it to reclassify borrowers and unlock value based on a ‘truer’ assessment of borrowers," said Shubhankar Bhattacharya, venture partner at Kae Capital.
CrediFiable was founded by Presha Paragash, who previously co-created early-stage seed investment firm Sol Primero.
The startup follows a data-driven proprietary underwriting model, catering to borrowers who already have a credit history as well as those who are applying for loans for the first time.
CrediFiable claims to have received more than 1,000 applicants to date and has tied up with two lending partners.
“Our partnerships would allow us to disburse up to Rs 5 crore a month,” said Paragash.
The fin-tech sector in India has elicited a lot of traction in recent years with many players emerging in payments, lending, insurance and personal finance segments.
At least 25 fin-tech startups had raised funding between January and May this year, according to a VCCircle analysis.
Several startups have emerged in the online lending segment over the past two years, and most of them are targeting small and medium-sized businesses.
Social Worth Technologies Pvt. Ltd, which runs online lending platform EarlySalary, earlier this month raised Rs 5 crore in debt financing from IFMR Capital.
Recent deals in the lending segment include Shubh Loans raising $1.5 million (about Rs 10 crore) in a pre-Series A round from SRI Capital, Japan’s BeeNext and Pravega Ventures.
KNAB Finance recently raised a little over Rs 2.5 crore in two rounds from InCred and more than a dozen individual investors. InCred also invested in fin-tech startup DigiLend Analytics & Technology Pvt Ltd.
Bengaluru-based Billionloans Financial Services raised $1 million in seed funding from Reliance Corporate Advisory Services Ltd, a wholly owned subsidiary of Reliance Capital Ltd, in July.
In June, Delhi-based digital lending platform Stashfin raised $5 million in a pre-Series A funding from Kirloskar Group’s venture capital arm Snow Leopard Ventures, Singapore-based Alto Partners, GrowX Ventures and a clutch of angel investors.
The same month, Ahmedabad- and Bengaluru-based Lendingkart raised Rs 50 crore ($7.8 million) in debt from Yes Bank.
Around the same time, online peer-to-peer lending platform LoanMeet secured seed funding from a clutch of investors, including Chinese entrepreneurs. Other startups that have raised funds in the lending space include LoanTap, Innoviti, Fincash, MoneyTap, Loan Frame and Ftcash.