Bengaluru-based micro lending company SmartCoin has raised $2 Mn in a Pre-Series A round of funding led by an undisclosed Chinese venture fund.
Others that participated in the round include US-based Accion Venture Lab, Unicorn India Ventures and ISME ACE, a Mumbai-based fintech accelerator.
The company will use the funding to further invest in technology and grow its team as it continues with its expansion plans, with an aim to cover a much larger customer base.
Commenting on the development, Rohit Garg, co-founder and CEO, SmartCoin said, “We have seen a sharp uptick in growth over the past year and have successfully disbursed over 50,000 micro loans. With this round, we expect to grow the momentum and further scale 10X over the next six–12 months. Having specialists as investors, who are passionate about micro-lending, on board will only help us cover more ground not only in India but globally too.”
Speaking on the funding, Michael Schlein, president and CEO, Accion Venture Lab said, “SmartCoin illustrates how innovative lenders are leveraging data, mobile access, and India’s digital infrastructure to extend loan access for the financially underserved.”