Chennai, India based online lending platform CreditMantri has raised $7.6m in Series B funding led by Accion Frontier Inclusion Fund. CreditMantri is an India focussed Digital Credit facilitator. The intent is to leverage the power of technology and the digital medium to empower borrowers and lenders make efficient credit decisions.
The company has served over 1.4 million users till date with over 60 per cent of users providing access to over 2,000-plus credit relevant data points in-order to build their credit profile using CreditMantri’s proprietary algorithm. All data is captured or shared only after obtaining explicit consumer consent. CreditMantri was founded by three former Citibank executives – Ranjit Punja, R Sudarshan and Gowri Mukherjee. “Lending in India, and doing so responsibly, is a huge opportunity, and alternative data is the key to unlocking this potential. The digitisation of Indian consumers’ financial data, pioneered by CreditMantri, is the catalyst that will help build a truly financially inclusive India. Quona is very excited to partner with CreditMantri team and we have tremendous confidence in the team and the way they are solving this important problem,” says Ganesh Rengaswamy, founding partner, Quona Capital.