Consumer lending platform CrediFiable has raised an undisclosed amount of Seed funding from Kae Capital. Launched this year, the startup is providing loans to Salaried Professionals ranging from Rs.50,000 to Rs.5Lakhs.
With the newly-raised Seed funding, the Bengaluru-based company is looking to increase its monthly disbursal to over $765K (INR 5 Cr).
Commenting on the development Shubhankar Bhattacharya, Venture Partner at Kae Capital said, “From an investor’s perspective, consumer lending represents an interesting dichotomy between a very large market and a highly competitive market. There are many segments in the personal loan market that are untapped and furthermore in most cases a decision is taken on the applicant’s bureau score. CrediFiable goes beyond the traditional bureau score and instead looks at many other traditional and non-traditional parameters when assessing the borrower. We feel that this allows them to reclassify borrowers and unlock value based on a “truer” assessment of super-prime and near-prime borrowers.”
Founded by Presha Paragash, who previously co-created early stage Seed investment firm Sol Primero, CrediFiable runs on a data-driven proprietary underwriting model, catering to borrowers who already have a credit history as well as those who are new to credit. It provides a final underwriting decision immediately to a potential applicant with disbursal taking up to 48hours. CrediFiable services the entire chain from sourcing the customer, credit scoring and conducting the verification process by leveraging India Stack.
“Salaried Professionals looking for personal loans are only concerned with three pain points, certainty of obtaining a loan, final loan package (quantum and interest rate) and speed. The CrediFiable underwriting model has been designed to address these three pain points without compromising on its Portfolio Risk. Our technology-enabled solution allows us to “Capture” the customer while simultaneously rejecting sub-prime candidates.” said Presha Paragash, Founder & CEO of CrediFiable.
CrediFiable’s core team has deep and relevant experience in Financial Services and Technology and comes from premier institutions such as IIT, BITS and XLRI. To date, CrediFiable has received more than 1,000 applicants and has tied up with 2 lending partners. “Our partnerships would allow us to disburse up to Rs.5crore a month.” said Presha.