[Funding alert] Fintech startup Quikkloan raises seed funding from angel investors
Quikkloan plans to utilise the funds to improve its technological products, refine its data science capabilities, and hire more members to the team as it looks to expand in more cities.
New Delhi-based fintech startup, Quikkloan on Monday said that it has raised an undisclosed amount as seed funding led by a series of angel investors including Arun Diaz, advisor of Aavishkaar; Aasif Ahsan Khan, MD and CEO Of Fab Technologies; and Sanjay Budhwar.
The startup will utilise the funds to improve its technological products, refine its data science capabilities, and hire more members to the team as it looks to ramp up marketing, sales, and customer service teams to expand in more cities.
Quikkloan is a digital loan marketplace which facilitates personal loans through its partner banks and NBFC’s. The company claims to offer loans to blue and white-collar salaried individuals earning at least Rs 20,000 a month through its mobile app and website.
The platform also focusses on helping the first-time borrower to build its credit profile by offering these loans.
Looking to build out its technology play, Jamil Akhtar Founder and CEO said,
“We are looking to tap in data science and machine learning techniques to develop more robust credit scoring underwriting platforms by using alternate data.”
Along with its underwriting platform, the company is also building end-to-end automated digital lending platforms to enable online disbursal of personal loans with an instant approval facility of credit to banks in a minimum 48 hours.
The fintech startup also said that it has plans to foray into other financial products such as - 0 percent EMI scheme, salary advance, virtual credit cards, three to six months educational loan, marriage loans, lifestyle loans, and refinancing of credit cards.
Currently, the average ticket size of loans provided on the Quikkloan’s platform is Rs 65,000 for a minimum tenure of 12 months.
Since its inception, Quikkloan claims to have received applications from over 100+ cities across all 29 states and union territories. The company plans to bring down loan ticket size to, as low as, Rs 5,000 for the duration of three to 12 months and is focussing on penetrating Tier II and III markets.
The platform also says that it is looking to partner with startups and corporates including Uber, Zomato, Grofers, Bigbasket, Quess Corp, Teamlease, Flipkart, and Amazon to offer short-term loans.
The company counts platforms including- IndiaLends, MyLoanCare, Shubhloans, and LoanTap among others, as competition.
(Edited by Suman Singh)