Credit and Finance for MSMEs: Digital lending platform FlexiLoans.com on Tuesday introduced an almost $90 million fundraising in its Series B spherical from Denmark-based personal fairness firm MAJ Invest, UK-based fintech investor Fasanara Capital and household places of work of Dr Harry Banga and Yogesh Mahansaria. Existing shareholders together with veteran banker Sanjay Nayar additionally participated within the spherical. The deal marks Fasanara Capital’s first SME fintech funding in India and MAJ Invest’s third funding this 12 months. The newest spherical comprised round $28 million in fairness infusion and the stability in debt dedication.
FlexiLoans stated the spherical will assist its give attention to expertise improvement and to greater than double its MSME e book through its co-lending, buy-now-pay-later and provide chain finance platforms. The firm supplies loans to small companies and has disbursed over Rs 1,700 crores to MSMEs throughout India via digital originations.
Having constructed expertise property for platform lending, pricing, and buyer journeys it can proceed to put money into innovative expertise to strengthen its buyer journey automation, threat administration & analytics capabilities.
“We are very excited to have institutional players join us in our mission to help small businesses grow in India. Their experience in developing global fintech companies will help us in creating better products as well as organizational building,” stated Deepak Jain, Co-Founder, Flexiloans.com in a press release.
“Embedded financing to merchants in the ecommerce ecosystem is a sweet spot that we invest in across the world and FlexiLoans.com has a strong product led partnerships in India for the same,” stated Francesco Filia, CEO, Fasanara Capital
FlexiLoans.com stated it had beforehand raised round $20 million in India’s largest seed funding and Series A funding led by Nayar and different bankers. The agency is at the moment one of many largest embedded finance gamers in India with greater than 120 ecosystem companions together with e-commerce giants like Amazon, Flipkart, Nykaa, Myntra, and others for financing sellers/distributors related to these platforms, the corporate added.
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“The FlexiLoans team has grown the business with the right principles of quality credit underwriting, granular customer sourcing via strong partnerships and top-notch technology infrastructure. We are excited to back them again for their next and important leg of transition to a leading digital lender with an eventual path to digital banking in the future,” stated Sanjay Nayar, Founder – Sorin Investment.
The firm stated it disburses over Rs 100 crore month-to-month and plans to double this run charge over the following 12 months, with its co-lending platform contributing a major share of progress.
Digital lending is among the many fastest-growing fintech segments in India that grew exponentially from $9 billion in 2012 to almost $110 billion {dollars} in 2019 and is more likely to contact round $350 billion {dollars} by 2023, in response to Statista. Other digital lending gamers enabling credit score entry for MSMEs in India included Indifi, U GRO Capital, Lendingkart, NeoGrowth, and extra.
Source: www.financialexpress.com”