Site icon AllTechAsia

India’s fin-tech startup DigiLend secures funding to pilot its personal-loan product

Fin-tech firm DigiLend Analytics & Technology raises USD 312K from Incred and Fullerton


Founders: Hemang Dattani

Founded in: 2016

Financing status: USD 312,000 for undisclosed funding round in 2017

Mumbai-based fin-tech startup DigiLend has raised USD 312,000 from two non-banking financial services companies, InCred Finance and Fullerton India Credit Company.

DigiLend was founded in 2016 by Hemang Dattani. He was previously the Chief Credit Officer, South Asia and Country Credit Head, India at Standard Chartered Bank. He also held senior positions in business development and credit risk at Capital One.

The startup allows users access to unsecured personal loans for various needs, including, but not limited to, education, travel, weddings, home improvement, and debt consolidation. The firm caps personal loans at INR 500K (USD 7,800) for its users, offers a lending period of six to 36 months and charges annual interest rates between 12-30%.

The startup directly connects individual borrowers to various lenders, and claims to provide an increased chance of approval, better rates and more flexible terms. As per the startup, advanced credit evaluation methodologies are used to analyze individual applications. Information of approved candidates is forwarded to various lenders partnered with DigiLend. Once the lender chooses to fund the loan, the lender determines terms of condition and directly signs the contract with the borrower. The lenders can be banks, a Non Banking Financial Company (NBFC), or other individuals interested in funding the loan.

DigiLend operates on a ‘lending-as-a-service’ (LAAS) model and claims to provide an end-to-end solution that includes customer acquisition, risk analytics, customer on boarding, loan management post booking and collections.
DigiLend will use this fresh investment to pilot its personal-loan product. Other players in the lending space include Billionloans Financial Services, Stashfin, Lendingkart, and others.

(Top photo from Pixabay)

Exit mobile version