Fintech startup IndiaLends.com has raised $4 million in Series A funding from American Express Ventures, existing investors DSG Consumer Partners, Chinese investment firm Cyber Carrier VC and AdvantEdge Partners.
The latest round of funding will be used by the company to expand its credit underwriting and analytics capabilities, offer more consumer-focussed products and increase its market footprint across India.
Started in March 2015 by ex-Capital One duo Gaurav Chopra and Mayank Kachhwaha, IndiaLends is a credit scoring and analytics platform. The startup operates an online marketplace that allows consumers to shop for loan products, as well as access credit scores and financial education.
The marketplace claims to attract over 140,000 visitors every month, and helps them to more quickly get access to cheaper credit. It also provides credit scoring solutions to financial institutions to help them increase their lending footprint.
Commenting on the investment, Gaurav Chopra, co-founder, IndiaLends, said, “This new round of funding not only gives us the capital to scale exponentially but also provides us access to resources and learnings from developed fintech markets such as the US and China.”