New Delhi-based online loans and investments marketplace FinBucket has raised $1.87 Mn (INR 12 Cr) from Impanix Capital.
A brainchild of Heena Jain and Parit Garg, FinBucket helps connect lenders and borrowers on its platform by providing a user-friendly experience for consumers. It currently offers personal loan, home loan, business loan, credit card and mutual funds. The startup launched its operations in online loans segment in 2014.
As Parit said, “We, at FinBucket help businesses in getting flexible loans in a simple and capable way and are open to all financial institutions to lend from us”.
“Our aim is to invest this money in building our technology and operational team. We will focus on the unserved segment of the market e.g. people who are not getting loans because of poor or no credit score. We will scale-up the team to 200 people over the next 6 months,” added Heena Jain, Co-founder of FinBucket.
As evident from her statement, the online loans marketplace aims to use the newly raised funds in the growth of business and infuse new technology to scale further. In near future, the startup also plans to enter into insurance products including life insurance, health insurance & car insurance. The firm will further utilise the funds to expand its team to more than 200 and set up full-service offices in metro cities.
Following the fundraise, the fintech company has started to hire a management team from top consultancy firms in order to strengthen its loan platform. It has also appointed Senior finance veteran, RK Jain, as an advisor on board.