Delhi-based fintech startup, Quikkloan, on November 17, announced that it has raised an undisclosed amount in seed funding led by angel investors including Arun Diaz, advisor of Aavishkaar, Aasif Ahsan Khan, managing director and CEO Of Fab Technologies and startup mentor Sanjay Budhwar.
The fintech company has said that it will utilise the recently raised funds to improve the products technological, data science capabilities, hiring the team, ramp up marketing, sales and customer service teams to expand in more cities.
Founded by Jamil Akhtar, Quikkloan is a digital loan marketplace that facilitates personal loans through its leading partnered banks and non-banking financial companies (NBFC’s). The company offers loans to blue and white-collar salaried individuals, with a take-home salary of at least INR 20K a month, through its mobile app and website.
Since its inception, Quikkloan has received applications from over 100 cities across the country. The company plans to bring down loan ticket size to as low as INR 5,000 for the duration of three to twelve months and is focusing on penetration in Tier 2 and 3 markets. “Our loan average ticket size of INR 65K for a minimum tenure of 12 months,” said Akhtar.
Quikkloan is also aiming to make loan processing and underwriting completely paperless. The company has been featured as the top 10 startups of a Global fintech accelerator startup boot camp at the Mumbai Fintech Program 2017.
How Quikkloan Works?
Usually, securing a loan for the first time becomes a bit problematic for individuals with low salaries. That’s where Quickkloan says it comes in and helps first-time borrowers to build their credit profile by providing them with loans.
Further, Quikkloan said that it is developing its proprietary credit decision underwriting platform. For the background check, including the financial health of loan applicants, the platform uses alternate data points such as social media, mobile handset data, bank statements, ITR, customers’ transaction histories, among others.
The company also leverages big data analytics and machine learning to deliver creditworthiness of a salaried individual who is a skilled blue and white-collar employee without a credit history.
The fintech company also said that it is currently building end-to-end automated digital lending platforms to enable online disbursal of personal loans with an instant approval facility of credit to the bank account within 48 hours.
The fintech startup also has future plans to foray into other financial products such as 0% EMI scheme, salary advance, virtual credit cards, 3-6 months educational loan, marriage loans, lifestyle loans and refinancing of credit cards.
Akhtar, who is also the CEO of the company said that the company aims to help NBFCs and banks in lowering credit risk and increase their loan approval rates. “Our product recommendation algorithm to suggest the right products, and customer acquisition or product distribution strategy makes us different from our competitors,” he added.
Quikkloan is also planning to partner with startups and corporates such as Uber, Zomato, Grofers, Bigbasket, Quess Corp, teamlease, flipkart and Amazon to offer short-term loans.