Indian online lending platform FlexiLoans has raised $15m in a new round of funding from angel investors.
Targeting SMEs in the region FlexiLoans claims 80% of loan proposals from SMEs are currently rejected by institutional channels because of inadequate financial history.
The company uses a combination of traditional and non-traditional sources of data to access applications.
It says it’s partnered with 20 digital marketplaces such as Flipkart and Ola and serves more than 2 million small businesses across 18 towns and cities.
FlexiLoans will use the capital to drive expansion and invest in its technology and marketing platform.
The round’s investors include KKR India’s chief executive, the former head of operations at Citibank, HDFC Banks’ chief investment officer and the managing director of KPMG’s advisory business.
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