LoanKuber raises $1.25 mn in Pre-Series A funding
- LoanKuber will use the proceeds towards building and expanding the team, enhancing the existing tech stack and rapidly growing its loan book to ₹75 crore in the next 12 months
Social Lending Technologies, which operates digital mortgage credit platform LoanKuber, has raised $1.25 million as part of its ongoing Pre-Series A round, from LetsVenture, AngelList India and Accolade.
Prior to this round, LoanKuber had raised $1 million as a part of its seed round of funding in 2018.
According to the mortgage fintech, it will use the proceeds towards building and expanding the team, enhancing the existing tech stack and rapidly growing its loan book to ₹75 crore in the next 12 months.
Founded in 2016, LoanKuber provides mortgage loans ranging between ₹3 lakh and ₹10 lakh to micro, small and medium enterprises (MSMEs) and semi-skilled professionals for a tenure of up to 7 years.
“The funding would enable us to accelerate our mission of providing affordable and transparent mortgage finance to MSMEs, we would strive to achieve our social goals while balancing both growth and profitability that are required to build a large impact focused financial institution,” said Saurabh Nagpal, chief executive officer, LoanKuber.
LoanKuber aims to onboard 1000 MSME’s in the next 12 months as part of its expansion plan.
“Today, around 40% of total MSME credit demand is still served by informal sources of credit. This under-served market is a huge potential for MSME lenders such as LoanKuber to cater to with tailored offerings, specifically targeted to the needs and behaviour of this segment. We at LetsVenture are looking forward to working with Saurabh and the LoanKuber team as they now accelerate their business” said Sunitha Ramaswamy, president, early-stage, LetsVenture
According to the company, its automated digital operations help the platform to significantly reduce turnaround time.
Currently, the company’s focus is on building strong risk models and processes, as it ramps up capabilities around acquisition, underwriting, disbursal and repayment of loans.
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First Published:20 Aug 2021, 05:45 PM IST
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