P2P-lending startup AnyTimeLoan lands USD 1.95M from Spice Mobility

AnyTimeLoan

Founded: 2014

Founder: Keerthi Kumar Jain

Financing status: USD 1.95 million (cash deal)

Hyderabad-based peer-to-peer (P2P) lending platform AnyTimeLoan (ATL) to land USD 1.95 million from BK Modi Group company Spice Mobility Ltd.

As part of the investment, Spice Mobility will assume a 30% stake in Luharia Technologies Pvt. Ltd, which runs ATL. Referring to the investment deal, Spice Mobility CEO Dilip Modi said that AnyTimeLoan “has demonstrated good initial traction in this space, and we are excited to partner with them to accelerate our goal of financial inclusion.”

ATL is 100% paperless and contractless lending platform powered by AI and data science. It provides unsecured personal loans, K12 Education loans (for primary & secondary school tuition fees), and MSME (medium, small, and micro-sized enterprise) business loans. ATL claims to process loans as quickly as one minute using its proprietary evaluative algorithm SMART (Science, Machine Intelligence, Art, Robotics & advanced Technologies) that use methods like digital social profiles, facial recognition, and psychometric testing when evaluating applicants.

According to its website, ATL aspires to maximize returns for its partners while minimizing costs for its borrowers with the help of its advanced technology. ATL disburses loans as small as USD 16 for as low as one day at a ROI as low as 0.05% per day. The platform claims to have disbursed USD 7.46 million in loans thus far.

AnyTimeLoan was founded in 2014 by Keerthi Kumar Jain. A serial entrepreneur, Jain is the founder and operating CEO of the lending platform. He is a graduate of the Indian School of Business and hails from a finance background that includes experience at Nagarjuna Construction Company and Yes Bank.

India’s fintech area is crowded and competitive. Other players include LendingKart Finance, Flexiloans, Creditmate, Prest Loans, and Paytm.

(Top image from Pixabay.com)

AllTechAsia Staff

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