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Mumbai-based SwitchMe has secured an undisclosed amount of funding from a group of investors including Mohandas Pai, Hiro Mashita and Singapore Angel Network.
This round was an extension of an earlier round led by 500 Startups. Rajan Anandan and Ajay Sarupria also participated in that round.
Founded in June 2012 by former TCS employee Aditya Mishra and Sourasis Roy, SwitchMe, helps customers switch their home loan to a lower rate of interest. Currently, the service is available in four cities – Mumbai, Delhi, Bangalore and Pune.
SwitchMe’s technology finds the best match of lender for the customer based on multiple parameters. This leads to a quicker process and higher success rate which keeps both the customer and lender happy. Customers have saved over INR 300 Cr with SwitchMe.
The startup will use the newly raised capital for strengthening the technology and for extending the service to more cities.
Talking about the product, investor Mohandas Pai said, “Their (SwitchMe’s) tech-driven approach evaluates multiple options across several parameters and suggests an optimal solution to each customer. As a result, their customers are already seeing a solution that very clearly works on their behalf to ensure a full-service deal that lowers costs, reduces tenures, and extends additional flexibility. With a solution like this, the current asymmetry of information between the lender, alternative mortgage providers and the consumer will be a thing of the past”
Earlier this week, Chennai-based Fintech startup, Veritas Finance, raised $4.5 Mn in Series A round of funding led by Sarva Capital and others including Caspian Impact Investment Adviser. Earlier this month, another Fintech startup Wealthy secured about $240K from angel investors including Abhishek Goyal of Tracxn Labs,Zishaan Hayath of Toppr among others.
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