Bangalore-based elending marketplace, KountMoney, has raised an undisclosed seed round of funding from Ashish Goenka – Chairman & MD of Suashish, and other Angels, through TracxnSyndicate.
Founded in October 2015 by Abhishek Periwal, Deepak Modak and Abhi Ranjan, Kountmoney, is an online platform for personal loans. The company’s aim is to make lending simpler and hassle-free for both borrowers and lenders. “Our focus is to harvest the data, do deep analytics, apply machine learning algorithms on it, help borrowers to avail loans cheaper & faster, and help lenders make better credit risk decisions,” said Deepak Modak, co-founder at KountMoney.
The startup has processed over 150 loan applications so far.
To use the service, loan applicants are required to provide their personal, professional, financial and residential information on the platform. The KountMoney team then verifies the details and uses its algorithms to do an analysis of their ability to repay a loan.
Lending institutions can also use KountMoney’s data science capabilities for better risk analysis of borrowers.
The Loan market in India is growing at 20% every year and is expected to cross INR 21 lakh Cr. by 2016. Out of this, 20% is the unsecured loan segment. Hence, KountMoney is focusing to organize this segment and bridge the gap between lenders and borrowers.
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