SmartCoin, an app-based consumer lending startup, has received over USD 7 million in Series A funding from LGT Lightstone Aspada and existing investors Unicorn India Ventures and Accion Venture Lab.
The fintech serves largely the financial underserved market in India and plans to use the funds to grow the loan-book, expand its data science team, advancing its AI/ML-based underwriting platform, launch new products, and double its user base at 10 million.
SmartCoin’s product offering includes small ticket personal loans to micro-merchants, self-employed, and salaried individuals, who mainly borrow to fund their economic advancement. Use cases include working capital for micro-merchants, fuel and vehicle repair funding for delivery executives, vocational training for micro-entrepreneurs, and emergency medical needs of blue/grey collar workers.
The company was founded in 2017 and received an NBFC license in October 2019. In just two years, the company claims to have scaled up rapidly, serving customers across all the states and over 95% of districts of India, according to Business Intelligence. It has offered loans amounting to over 4 billion customers with a differentiated and scalable business model built on a suite of AI/ML engines trained over terabytes of data.
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