Delhi based instant lending startup, RevFin, has announced that the company has raised an undisclosed amount in the seed funding round from a group of angel investors. The investment was led by a – Harash Jain (CEO, Litejoy International, and UK based businessperson), Anil K Goyal (Founder, Anil K Goyal, and Associates), Anil Lanba (Senior Technology Executive, EVP Pyramid Consulting) and Krishan B Singh (Investor based in New York).
Founded this year, by former HSBC executive Sameer Aggarwal, RevFin provides loans through its own NBFC to the under-served segments of the society. Their advanced lending platform will underwrite and disburse loans digitally through Android and iOS Apps.
The startup plans to use the frshly raised funds to launch its services in the Indian market, improve its technology infrastructure and enhance its distribution. RevFin plans to tap the lending market which has traditionally been the domain of banking institutions.
Talking about the investment and the support of the angel investors, Sameer Aggarwal, Founder & CEO, RevFin said, “Our vision is to create a lending platform that is agnostic of language, literacy, geography, and culture and through this seed funding round, we are looking forward to launching our services all over India. People residing in tier 2 and tier 3 are our core target group who want to fulfill their needs and dreams.”
“We are happy to receive the initial support, which is essential to fuel our growth. We hope that we can contribute to solving the problem of Financial Inclusion among all strata of the Indian society through our innovative solution”, Sameer further added.
Harash Jain, CEO of Litejoy International Pvt Ltd and a serial entrepreneur, on his support to RevFin said, “Financial inclusion is a major area where innovation has been lacking. This requires all the more attention in India, where there is no full-proof social security mechanism. When we looked at RevFin, as a business model and also a solution to an ever-burgeoning problem, we became invested in the idea from day one. I am sure the company will emerge as a profitable business venture for us considering India is a large market and has a huge untapped potential for financial inclusion for masses.”
RevFin will offer two types of products – personal loan, and revloan, a credit line for any emergencies. The company is looking to build a lending book of INR 500 crores in the next 5 years through aggressive market expansion across India. The startup also plans to expand globally over time.
To recall, last month China’s ShunWei Capital led the $5 million series A financing round of Mumbai headquartered micro-lending platform Upwards Fintech Pvt. Ltd.
Prior to this, Bangalore-based peer to peer (P2P) lending platform Finzy raised $2.3 million in Pre-Series A round, from senior professionals from BFSI industry. In the same month, Bangalore-based digital consumer lending startup HappyEMI raised $1 million from AJ Ventures, JAN and Anand Sankeshwar, Managing Director of VRL Logistics.