ah! Ventures bets on fintech platform LoanAdda
posted on 2020-05-08 08:23:04 by Admin
Aadventure Infotech, which owns and operates fintech platform LoanAdda, has raised capital from Mumbai-based ah! Ventures.
Details of the transaction were not disclosed.
Investment firm PRAAK Investments and financial services company Ratnaafin Group also participated in the round, according to a statement.
The Noida headquartered company said it will use the fresh capital to develop its technology stack and data science solutions to expand its online acceptance. It will also build its product capabilities by hiring fresh talent, subsequently scaling up lending volumes, the statement added.
Founded in 2015 by INSEAD and the Indian Institute of Foreign Trade alumnus Anshuman Mishra, LoanAdda functions as a loan aggregator. It offers small-ticket loans via its mobile app and website.
The company also has its own proprietary underwriting software LoanSwift, a machine learning-based platform that is used for credit underwriting and to analyse diverse data points to build a customer's risk profile.
“During lockdown and post-Covid 19 situations, when loans will have to be remotely assessed, disbursed and collected, our pan-India distribution platform in over 550 towns and cities has (helped)... lower segments access funds online,” Mishra said.