MoneyOnClick, a technology and data science based lending startup, today announced that the company has successfully raised Rs 15 crore (USD2.15 million) as part of its seed capital fund from marquee investors such as Orios Venture Partners, Kalaari Capital, and 3one4 Capital.
Established in 2018, MoneyOnClick aims to disrupt a large segment in the consumer lending space.
MoneyOnClick is focused to provide a lending platform to consumers who fall outside the margins of the formal banking system due to their lack of a credit history or low credit ratings. MoneyOnClick aims to provide unsecured loans to these customers especially those who reside in Tier II & III markets while keeping very low default rates.
Talking about the funding, Vishal Chopra, Co-Founder at MoneyOnClick, said, “We are excited to partner with Orios Venture Partners, 3one4 and Kalaari Capital who have chosen to invest in our vision to provide unsecured loans to customers not served by banks and NBFCs. These funds would enable us to hire a great team and
build technology capabilities that will form a solid foundation for our company.”
The company plans to utilise the funds to hire leadership and operations teams across verticals. Also, a part of the funds will be invested to strengthen the core technology with Artificial Intelligence Machine Learning based credit underwriting and risk assessment platform.
A large number of borrowers today are forced to seek credit from unorganised lenders who charge high-interest rates, which these consumers have no option but to pay if they are to avail credit.
This is one of the primary problem areas which MoneyOnCick, with the help of digitization coupled with AI-ML, will seek to solve while secure more ‘new to credit’ (NTC) consumers for easy and credible access to personal loans.(UNI)
