Fintech startup RevFin today announces that it has raised seed funding round from a clutch of angel investors. The funding amount was undisclosed, however the round saw participation from angel investors include Harash Jain (CEO, Litejoy International, and UK based businessperson), Anil K Goyal (Founder, Anil K Goyal, and Associates), Anil Lanba (Senior Technology Executive, EVP Pyramid Consulting) and Krishan B Singh (Investor based in New York).
Founded in 2018 by former HSBC executive Sameer Aggarwal, RevFin provides loans through its own NBFC to the underserved segments of the society. Their advanced lending platform underwrites and disburses loans digitally through Android and iOS Apps.
The startup plans to use the raised capital to launch its services and grab the prospect opportunity in the Indian market. Besides, it also plans to improve its technology infrastructure and enhance its distribution.
Sameer Aggarwal, Founder & CEO, RevFin said, “Our vision is to create a lending platform that is agnostic of language, literacy, geography, and culture and through this seed funding round, we are looking forward to launching our services all over India. People residing in tier 2 and tier 3 are our core target group who want to fulfill their needs and dreams.”
RevFin will offer two types of products – personal loan, and revloan, a credit line for any emergencies. The company is looking to build a lending book of INR 500 crores in the next 5 years through aggressive market expansion across India. The startup also plans to expand globally over time.
According to Harash Jain, CEO of Litejoy International Pvt Ltd, Financial inclusion is a major area where innovation has been lacking. This requires all the more attention in India, where there is no full-proof social security mechanism. And RevFin is a solution to an ever-burgeoning problem. Further, he believes that the company will emerge as a profitable business venture considering India as a large market and has a huge untapped potential for financial inclusion for masses.