[Funding alert] SmartCoin raises Rs 80 Cr in debt from Northern Arc, Vivriti Capital, others
Fintech platform SmartCoin Financials on Tuesday announced that it has secured debt funding worth Rs 80 crore from multiple financial institutions including Northern Arc, Vivriti Capital, MAS, India SME, and others.
SmartCoin has raised this capital to further its portfolio 10x with expansion in customised products and services, a statement said.
The company has seen strong demand for microcredit from Tier II and III cities across the country through the second wave of the pandemic as people grappled with lack of capital for medical situations and businesses, it added.
As the economy recovers, the company aims to boost the small businesses and growing middle and lower-income users with expanded credit products, it said.
SmartCoin has served over six million users across over 18,000 pin codes in a 100 percent digital and automated manner.
The last year has proved to be a litmus test for the relatively young fintech industry. For us, our focus is on vast untapped Bharat opportunity, strong performance through the pandemic, and managing among the lowest NPAs has led to a strong vote of confidence from the investor community," Rohit Garg, co-founder, and Chief Executive Officer of SmartCoin Financials said.
This timely injection of funds shall be leveraged to advance the vision of empowering financial inclusion and develop India into a financial superpower, he added.
"The pandemic has led to strong digital adoption in the middle/lower-income segments across Tier II-plus geographies, and with our unique insights and understanding of the financial and behavioral data for this segment, we are expanding into new products for empowering our customers with better control of their financial lives," he said.