Business lender ProgCap said to raise around $1.37m in funding

Business lender ProgCap has reportedly raised Rs 10 crore ($1.37m) in a funding round, which was led by Stride Ventures.

The India-based FinTech hopes to use the funds to increase its assets under management and adoption in the market, according to a report from VC Circle. Furthermore, the company will bolster relationships with banks and corporations.

ProgCap aims to helps micro and small enterprises accessed customised financing solutions and digitise their supply chains.

Its real-time credit model evaluates and scores a client’s credit worthiness, without the need of credit history.

ProgCap previously raised $5m in a funding round back in 2019. The capital was supplied by Sequoia India, GrowX Ventures Fund, CIBIL chairman MV Nair and former Freecharge founder Sandeep Tandon.

Earlier in the month, fellow Indian FinTech company Eduvanz raised $10m in debt to support its growth. The company leverages technology to help students get credit scores based on their socio-economic and demographic backgrounds.

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