Bangalore based LoanCircle has raised angel funding from Toppr.com’s co-founder Zishaan Hayath, Trifecta Capital’s MD Rahul Khanna, Quintype’s CEO Amit Rathore, Amit Arora and Appiterate co-Founders Anuj Bhargava and Mayank Kumar.
The company will use the funds to expand its team in the areas of risk, technology and operations.
LoanCircle is a consumer lending platform that finds credible borrowers and connects them to lenders. It heavily uses data and technology to better underwrite borrowers and get them access to loans at cheaper rates.
LoanCircle has approved more than 100 loans through the platform till now and has tied up with some online merchants and plans to expand its merchant network in the coming months. The company is planning to do loans worth ? 20 Crore by March 2016 and is tying up with banks and NBFCs on the lending side.
The company plans to rapidly scale its risk modelling capabilities by automating many aspects of the risk assessment process. The company plans to bring down its turnaround time to less than 10 minutes to either approve or decline a loan application on the platform.
LoanCircle is started by Tanuj Mendiratta, who was cofounder of Appiterate, which was acquired by Flipkart in April 2015.