Findeed is an online loan service provider and has tie-ups with trusted employers, banks, and schools. It announced that it has raised seed funding from Venture Highway and Anicut Angel Fund, along with First Cheque. The startup will utilize the fresh funds for recruiting fresh talent across different profiles and accelerating business growth.
The startup was founded by Srividhya Ramarathnam and Sriram Shankar in July 2019 and strives to increase the accessibility of financial services to the underserved with the help of data analytics, technology, and community partnerships. The company has tie-ups with employers, non-governmental organizations, and financial institutions to provide loans to underserved customers without collateral to help them sail through difficult times.
“The Covid-19 pandemic robbed people of their sense of financial security, and the common working class took the worst hit,” Ramarathnam said. “We want to power their aspirations with financial access. We leverage social cooperation in this network to bring them credit access.”
“Catering to Bharat customers, Findeed’s technology aims to leverage community and cohort dynamics to create a differentiated financial services platform,” said Samir Sood, founder and ‘chief believer’ at Venture Highway. “We believe, given founders’ backgrounds and experience, they are best suited to create their version of Microfinance 3.0 for India.”
Ashvin Chadha, a co-founder at Anicut Angel Fund, said: “Our investment in the company springs from its unique approach of using tech and data in creating an ecosystem that enables, empowers, and equips the people of Bharat with instant credit.”
Commenting on the development, Shishir Gupta, Founder and CEO of StartupLanes said, “Findeed is empowering several individuals by providing them quick and easy access to financial aid. The recently raised funds will benefit the company in their wonderful journey.”
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