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App-based consumer lending start-up SmartCoin has raised more than $7 million in a Series A round from LGT LightstoneAspada and existing investors, Unicorn India Ventures and Accion Venture Lab. SmartCoin plans to use the current round of funding to primarily grow its loan book.
SmartCoin also plans to expand its data science team, advance its Artificial Intelligence and Machine Learning-based underwriting platform, and grow its user base to 10 million. Unitus Capital was the exclusive financial advisor to the transaction. SmartCoin lends to a large underserved market that is not served by banks, non-banking financial firms and microfinance institutions.
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