CASHe bags Rs 20 crore in debt funding from IFMR Capital
Fintech lending platform disbursed Rs 200 crore
Aeries Financial Technologies, a fin-tech company promoted by serial entrepreneur and private equity investor V Raman Kumar, on Monday announced that CASHe, India’s fastest loan-giving app for young salaried professionals has closed a Rs 20 crore in a debt funding round with IFMR Capital in its NBFC company, Bhanix Finance and Investment Ltd., to ramp up its loan book, according to a press statement. The fintech company has successfully disbursed loans worth Rs 23 crores in the month of September and has achieved an overall loan disbursal of nearly 200 crores since its launch in April 2016. The company is aiming to achieve an overall loan disbursal of Rs 450 crores by March 2018. Since its launch, the app has seen over five lakh downloads with over 50,000 active borrowers.
Speaking on the latest development, chairman of Aeries Financial Technologies, V Raman Kumar, said, “IFMR Capital is an active lender to next generation FinTech companies in India. CASHe is aggressively expanding its reach to meet the growing needs of millions of salaried millennials across the country. As one of the fastest growing new age lending company in India, CASHe has accelerated to become the market leader in its category and this funding provides us money to further accelerate our growth this year and advance our market leadership position.”
“As we look to expand our already significant national footprint, we've found a great partner in IMFR Capital to support our growth strategy. This round of debt funding by IFMR Capital increases our capital pool which translates into higher loan disbursements, and more satisfied customers on a pan India basis,” he added.
“IFMR Capital is excited to partner with CASHe in transforming the financial landscape and improving credit availability for young salaried professionals. CASHe is a pioneer in the fintech space with a sophisticated yet easy-to-access approach to lending through its technology platform. The partnership aligns with our approach of identifying and taking exposure to high quality Originators at an early stage with the intent of giving them access to capital markets investors through customized structured product solutions,” Kshama Fernandes, chief executive officer, at IFMR Capital, said in a statement.
CASHe provides hassle-free loans with its app enabled documentation and loan disbursal process. Powered by its industry-first algorithm driven credit scoring platform, The Social Loan Quotient (SLQ), CASHe quickly determines a user’s credit worthiness by using multiple unique data points to arrive at a distinct credit profile of the customer. SLQ is transforming the traditional credit rating measurements thereby providing immediate loans to the under-served young professionals who are kept out by traditional credit rating and banking systems. CASHe is completely automated and requires no personal intervention and no physical documentation. The average time taken for a loan to be disbursed is about 10 minutes, subjected to proper submission of all documents.
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