Mumbai-based fintech lending startup CreditMate has raised $500,000 in seed round from India Quotient. The company uses data-driven algorithms to lend against purchase of used two-wheelers.
The company is targeting blue-collared workforce segment which could range from beauticians to delivery boys, retail store employees, or even housewives. “It’s an easy process and the end-user can take possession of their bike within two working days,” said Jonathan Bill, co-founder of CreditMate.
Founded early this year by Jonathan Bill and Aditya Singh, CreditMate provides a platform, where users can enter the bike of their choice and their monthly income to determine their monthly EMI and loan repayment time. It claims to have tie-ups with over 25 dealers in Mumbai, to provide loans.
