India-based lending platform Credit Fair has reportedly closed its seed round on $15m.
The round was led by two veteran angel investors, Striver Capital founder and CEO Alok Agarwal and Everest Flavours CEO Anand Ladsariya, according to a report from mint.
With the fresh equity, Credit Fair hopes to hire staff to its technology team, enhance its underwriting models and move into tier two and tier three cities. The FinTech company is looking to scale its assets under management.
Credit Fair’s mission is to help Indians from remote areas and those without credit scores to access loans. To support this, the company is increasing the reach to areas in need.
Founded in 2018, the company offers a selection of unsecured loan options, ranging from INR 10,000 ($134) to INR 2m ($26,000).
There have been several India-based FinTech companies to raise funds this month. Most notably, digital insurance platform Digit Insurance hit a $3.5bn valuation after it closed its latest investment round on $200m.
Contributions came from Faering Capital Sequoia Capital India, IIFL Alternate Asset Managers and others, and will help the company meet solvency requirements.
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