FinTech

Few days after leading investment round of Karma Healthcare, equity crowd-funding platform 1Crowd has again lead the fresh funding round of Gurgaon-based fintech startup Creditas Solutions. Creditas raised pre-series A funding however the amount raised was undisclosed.

Among other participants in this round of funding were Infina Finance, an investment company jointly owned by Kotak Mahindra Bank and Uday Kotak family, noted angel investors Dr. Aniruddha Malpani (leading IVF specialist), Daud Ali (entrepreneur and business leader) and S Sriniwasan (Managing Director – Kotak Investment Advisors).

The funds raised will be used by the startup to expand its team, data science capabilities and to make investments in technology, particularly to focus on providing banks a single platform to manage the entire delinquency cycle.

Founded in 2015 by Anshuman Panwar and Madan Srinivasan, Creditas is an innovative fintech venture that uses Machine learning and technology to help financial Institutions find better ways to reach and interact with their customers. It helps banks and non-banking financial institutions (NBFCs) optimise customer acquisition, cross-sell, delinquency detection, financial literacy and debt recovery, validates and enhances creditor data to create accurate customer profiles. Creditas also provides free credit reports to consumers through its platform www.clearmydues.com.

“This new round of funding not only gives us the capital to scale exponentially but also validates the faith the Banking sector is reposing in our Solutions,” said Creditas co-founder Anshuman Panwar.

Creditas has recently on-boarded Yes Bank group’s President Neeraj Dhawan as an advior to the startup.

The above news was first reported in ANI News.

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FinTech Startups’ Funding in Last Few Months –

Last month, a Mumbai based fintech startup Fincash.com raised $150,000 in funding from angel investors including like Mohammed Khan (Founder of Rediffusion), Sameer Narayan (ex- Fund Manager BNP Paribas), among others. Prior to that, a Bengaluru-based fintech startup NiYO Solutions raised $13.2 million in its Series A funding from investors including Social Capital, JS Capital LLC (the family office of Jonathan Soros), and Horizons Ventures and existing investor Prime Venture Partners.

Last November, an Artificial intelligence-powered fintech startup Active.Ai raised $8.25 million in Series A funding led by Vertex Ventures, Creditease Holdings and Dream Incubator.

Other fintech start-ups that have raised funds recently include ZipLoan, Cash Suvidha, Kissht, Shubh Loans, Stashfin, LoanMeet and others.

To recall, according to a NASSCOM report published in November 2017 Fintech and healthcare are most funded segments of startups in India, in past one year. The total number of startups in the fintech space has gone up to 360 from 275 in 2016, thus registering 31% growth in the number of startups.

1Crowd and Recent Investments –

Launched in 2015, 1Crowd has recently announced its first close of debut venture capital fund at INR 23 crore (USD 3.5 million) followed by $500,000 investment in Rajastan-based Karma Healthcare. Last November, it invested in a fintech startup Nuvepro. In April 2017, 1Crowd invested in deep technology startup Nanosniff Technologies, prior to which it had invested in Zipgrid, a tech-enabled community services platform.

Additionally, Bangalore-based community building platform Fourth Ambit, which recently tied-up with AICTE, also raised $600,000 from 1Crowd in May 2017. Prior to this, Genext Students — India’s first hybrid ed-tech tutoring platform — raised equity financing of $ 200,000 from 1Crowd, in August 2016.

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