Fintech startup CrediFiable raises undisclosed amount for seed round
Founder: Presha Paragash
Founded in: 2016
Financing status: Undisclosed amount for seed round in 2017
CrediFiable was founded by Wharton alumni Presha Paragash. She previously co-founded the investment firm Sol Primero and is the seed investor of numerous Indian startups such as Zostel, Rapido, Zo Rooms, and others.
CrediFiable is a consumer lending platform providing fully online personal loans to salaried professionals. It has democratized access to credit through an intelligent credit decisioning model. The startup assesses a borrower’s profile holistically on several parameters, like education qualification, employment history, current financial position, in addition to the usual credit history and credit score check. CrediFiable claims that even if a person doesn’t have a credit history, it can still provide instant personal loans for him or her. Users can borrow from INR 50,000 (USD 763) to INR 5,00,000 (USD 7,628) with an equal monthly installment tenure of six months to 36 months. Interest rates start from 10.99% per annum and are dependent on the tenure of the loan.
Paragash, founder of CrediFiable, said that the startup’s underwriting model has been designed to address the three pain points of users (certainty of obtaining a loan, loan quantum and interest rate, and speed) without compromising on its portfolio.
Other players in this sector in India include MoneyTap, Capital Float, LoanCircle, Rubique, Lendingkart and more.
(Top photo from Flickr)