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IndyFint, a Bangalore-based virtual-banking startup has raised $2.1 million in Series A funding.
The startup which began operations in October 2019 raised funding which was led Saravanan Adiseshan, Co-founder of SJ Associates. IndyFint is founded by Paddy Padmanabhan, the Chief Architect of Finacle core banking software from Infosys along with Rajiv Kuchhal, a serial entrepreneur.
IndyFint is building a lending market place that would enable lenders to directly offer short-term loans to merchants, employees and students. In a bid to create a pull based credit ecosystem, IndyFint is also planning to develop its proprietary machine-learning lending algorithms for “Credit Scoring” basis the transactions of small business entrepreneurs.
With this infusion, Adiseshan, will be joining on the Board. IndyFint plans to use the new investment to accelerate product development and drive its market expansion efforts. With the unorganised lending being upwards of $130 billion a year in India, there needs to be concerted effort to provide timely and affordable credit to millions of users, said Padmanabhan.
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