India-based Easiloan.com, which leverages AI to support the process of getting a mortgage, has closed its first institutional investment round.
The FinTech company raised INR 80m ($1m) from Tomorrow Capital, a $100m investment fund focused on companies in India.
With the equity, Easiloan.com hopes to enhance its product, boost its customer acquisition channels and reach new markets.
Prior to its launch in July 2021, the company had been operating in stealth for three months. Easiloan is an all-digital, end-to-end platform that eases the credit appraisal process for home loan applications.
It claims its technology makes the selection and application for loans easier for customers and can increase the conversion rates. The startup has serviced more than 750 successful loan sanctions and its customers include HDFC Ltd, ICICI Bank, LIC, Axis Bank, SBI, PNB HF, to name a few.
Easiloan co-founder and CEO Pramod Kathuria said, “Innovation in lending technology has sparked a wave of disruption. With the pandemic accelerating this trend, several start-ups emerging in digital lending are gaining ground around the globe.
While FinTech in India has disrupted every other loan product, home loan continues to remain unchanged. For the borrower, large parts of the process are a black box and for the developers any delay in disbursement is a direct hit on their balance sheet. Easiloan is solving this through its proprietary tech IP and a digital-only process.”
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