Mobile tech and data science startup, InVenture, has raised $10 Mn in series A round of funding to launch into additional markets in sub-saharan Africa and Asia.
The funding was led by Data Collective with participation from India Internet Fund, Chris Sacca’s Lowercase Capital; Facebook co-founder and independent investor Chris Hughes; Palantir and Paypal co-founder Nathan Gettings; former Citigroup CEO Vikram Pandit; former Thomson Reuters CEO Tom Glocer; Collaborative Fund; and Female Founders Fund.
Founded in 2012 by Shivani Siroya and based out of California, InVenture is a mobile technology and data science company which provides instant micro-loans service straight to a user’s mobile wallet.
Through its mobile app and unique channel, they have gathered an average of 10,000 discrete data points per user to provide personalized offers and deliver real-time credit. The company then transacts out the loan directly to the user’s mobile money account. The entire process takes less than 5 minutes.
Speaking on the development, Anirudh Suri, Founding Partner of India Internet Fund said, “Inventure, with its unique emphasis on technology and data science, is on the cutting edge of figuring out new, reliable mechanisms to ensure access to credit and finance globally. We are very excited to support Shivani in this journey to transform the financial services space in the developing world.”
Earlier this year in January, InVenture had raised an undisclosed amount of funding from India Internet Fund’s partners Anirudh Suri and Nihal Mehta. Prior to this, it had also raised a $1.2 Mn seed round in 2013 led by Collaborative Fund, Partner, Kanyi Maqubela.
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