Bengaluru-based fintech startup SmartCoin Financials on Tuesday (July 20) announced to have raised INR 80 Cr in debt funding from Northern Arc, Vivriti Capital, MAS, India SME, among others. The company plans to utilise the investment to increase its portfolio by 10 times with expansion in customized products and services.
The company also plans to boost the small businesses, and growing middle and lower-income users with expanded credit products through its mobile app.
SmartCoin claims to be an automated fintech company that is trying to address the credit requirements of self-employed micro-entrepreneurs, micro-merchants along middle and lowered income earners.
Founded in 2016 by Rohit Garg, Amit Chandel, Vinay Kumar Singh, and Jayant Upadhyay, the startup is facilitating micro-credit through its app and claims to have witnessed rapid growth with more than 6 Mn users and 1 over 1 Mn million loan disbursed through its AI & ML-powered modules in over 18,000 pin codes across the country. The startup said that it has witnessed a 20% month-on-month growth.
Commenting on the funding, Garg who is the cofunder and CEO of SmartCoin said, “We are more than pleased to have secured substantial funding from marquee investors like Northern Arc and Vivriti Capital. The last year has proved to be a litmus test for the relatively young fintech industry. For us, our focus on vast untapped Bharat opportunity, strong performance through the pandemic and managing among the lowest NPAs has led to a strong vote of confidence from the investor community. This timely injection of funds shall be leveraged to advance our vision of empowering financial inclusion and develop India into a financial superpower.”
The startup enjoys the support of investors such as LGT Lightstone, Accion Venture Lab, Unicorn India Ventures, among others. The company in March last year raised its Series A round worth more than $7 Mn from LGT Lightstone Aspada and existing investors Unicorn India Ventures, and Accion Venture Lab. It raised $2 Mn in pre-series A round in 2018 from an undisclosed Chinese venture fund.