[Funding alert] Fintech startup 4Fin raises pre-seed round of $1.1M

4Fin, a Pune-based fintech startup, announced on Thursday that it has raised $1.1 million in a pre-seed round. 

The investment is raised through Curesense Therapeutics, which is run by the investors behind the biotech company, Mylab Discovery Solutions.

Commenting on the investment, Sujit Jain, Founder, Curesense Therapeutics, said, 

“We are taking steps to develop an ecosystem where accessibility is the key. Financing in semi-urban and rural areas is under-penetrated. Founders of 4Fin have a proven track record in technology-based lending space and are well-positioned to serve this huge untapped market.”

4Fin said it will use the investment to enhance its product development to make finance more accessible in Bharat, offer personalised loan products and support its customers with its model of ‘4Fin Mitras’, designed to act as social-driven customer care.

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Founded by Amit Tewary and Ajit Sinha, the ex-bankers having a deep understanding of retail lending, the startup aims to provide personalised and faster credit access to millions of people of Bharat without undergoing the hassles of complex paperwork. The startup focuses on facilitating small loans to support expenses for health, education, and electric two-wheelers, among other basic necessities. 

Launched in July 2021, 4Fin has developed an in-house loan origination system, loan management system, debt services management, AI-based algorithms for credit assessment, and e-stack for end-to-end automated processing. These solutions reduce turnaround time for approval and disbursal of loans, facilitating faster decision-making, and ensuring accessibility of loans for customers at affordable rates.

Amit Tewary and Ajit Sinha, Co-founders, 4Fin said,

“We are creating a completely new category of services in the lending space. Any person in Bharat with a smartphone can access loans now. We will deliver unmatched customer care with help of our network of ‘4Fin Mitras’. Customers can buy products or services at best prices with an advantage of paying with customised instalments. We have already started tie-ups with major players in healthcare, education, two-wheelers, and consumer durables. We plan to enrol more than 50,000 4Fin Mitras by the end of this financial year.”

Before founding 4Fin, Amit was the COO of LoanTap Financial Technologies and Ajit was working as an entrepreneur, investor, and business consultant.

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