In extension to an earlier round of investment led by 500 Startups and participated in by Google Head Rajan Anandan and Ajay Sarupria, SwitchMe on Wednesday secured an undisclosed round of funding from Mohandas Pai, Hiro Mashita, Singapore Angels & several other prominent individuals.
SwitchMe services that currently are available in Mumbai, Pune, Bangalore and Delhi, helps customers switch their home loan to a lower rate of interest from the comfort of their home. A switch to lower rate can save lakh of rupees but many customers struggle to achieve it because of paperwork and the leg work involved. SwitchMe’s technology finds the best match of lender for the customer as per multiple parameters. This leads to a quicker process and higher success rate which keeps both the customer and lender happy.
“With a solution like this, the current asymmetry of information between the lender, alternative mortgage providers and the consumer will be a thing of past. The SwitchMe team has utilized its deep domain expertise to build a platform that eliminates the uncertainties and integrates all the necessary components to facilitate the best possible experience for their customers,” said Mohandas Pai.
The funds will be utilized towards strengthening the technology and for extending the service to more cities.