IoT & AITechnology For SMEs

AI based Instant Loan Marketplace – Afinoz Gets Seed funding from Silicon Valley Investors

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The startup has got undisclosed seed funding from the Silicon Valley investors Peter and Sushil Kalyan. Peter is very well respected seasoned investor and having his own incubator also in the valley. While Sushil Kalyam is Fintech Innovation Lab Head of Deutsche Bank in the bay area.

Afinoz founding team includes world’s youngest finance head of a US-listed company with more than $6 billion of capital raised for building global companies and listing them on US, UK and Asia stock exchanges. The team has used the best of Western and Indian banking experience along with capital market experience of more than 18 yrs, which has helped the company to have a very clear problem-solving business model.

“We are very excited to back Afinoz and we have tremendous confidence in the team and the way they are solving this important problem. The funding was driven by 3 major factors – the business model centred around real-time tech-enabled solutions, the quality of the team and the growing customer adaptability towards financial digital inclusion”, said by Sushil Kalyan.

Rachna Suneja, the Co-founder of the Afinoz says, “We always wanted to prove our thinking and use external capital only after having sufficient data to prove the same. It’s a big responsibility when someone trusts you and provide capital, hence we ourself wanted to be sure, before having others to believe in this. Successful businesses are those which really resolves a customer problem, hence from day one we are just focusing on customer problem and satisfaction, growth is a natural outcome”.

“The funding will help us to bring all possible financing options for “bank untouched” customers having cash salary, low/no credit score, emerging entrepreneur which are recently getting loans from new aged instant loan providers like Moneytap, Ratra, Dhani, Red Carpet etc, but there is no platform which is specifically built to bring all such financing options at one place so that entire 1 billion population can get served just at one place by filling just one application and gets approval as well as disbursement almost on real time basis.” says Naveen Agarwal, CTO of Afinoz.

In addition to focusing on the small ticket loans required by 1 billion population, Afinoz is one of the few, who has complete real time integration with largest banks like HDFC so that loan application completed once online, can get submitted, reviewed and approved in real time basis, instead of just generating the lead online and  getting them manually processed by respective banks, which has been the ongoing practice for quite long.

The focus of the start-up is to bring value to its users by giving them technical help in a user-friendly manner. Afinoz provides a single platform to the borrowers where they can make informed decisions after comparing various lenders without risking their confidential information.

Talking about the market-size, Afinoz sees the opportunity to serve around 1 billion people who are first time borrowers or lacking a proper digital banking background. The company also looks for an opportunity to serve borrowers with low credit score or no credit history. The Noida based start-up is also looking to impact the small loan segment by doing API integration with other digital lenders. With the increase of lending in small loan segments, the start-up is growing at a rate of 30% per annum.

SMEStreet Desk

SMEStreet is fast growing platform dedicated to entrepreneurs from small and medium sized businesses (SMEs). Committed to facilitate Knowledge & Networking for Business Growth, SMEStreet offers value added content which shows the actual voice of Indian MSMEs.

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