Ranjan Pai-led MEMG family office is investing Rs 40 crore in fintech startup Finnable for a significant minority stake.
Finnable is a three-year-old startup and has developed a digital lending platform that approves loans in real-time to customers who are not able to approach the banks for their urgent loan requirements. An absence of previous credit history has restricted banks from catering to this segment.
Bengaluru-based Finnable was launched by former retail bankers Nitin Gupta, Amit Arora, and Viraj Tyagi. Nitin and Viraj exited their former startup NettPositive, a fintech developing credit scoring models for banks across the world, by selling it to a US MNC Equifax. Finnable merges deep analytics with a machine learning algorithm trained over years to predict the most suitable credit score for each customer.
Ranjan Pai, in a statement, said, “Finnable has passed the Covid test with a top-quality portfolio performance which proves it’s a perfect combination to build a sustainable fintech franchise even in toughest times.”
The startup’s co-founder and chief executive Nitin Gupta stated, “Retail lending is set to grow manifolds in the country driven by growing aspirations of the millennial generation. Finnable provides loans for customer’s real needs like – marriage, medical, retail, house renovation and education expenses, enabling millions of India’s youth to live their dreams”
Finnable is serving several people who lack access to loans and is empowering them to fulfill their requirements. The latest funding would help the fintech startup to expand its business and reach more customers.Shishir Gupta, Founder and CEO, StartupLanes
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