Credit Wise Capital (CWC), a tech-enabled consumer finance NBFC, has now secured $6 million in its seed funding round.
The investment round was backed by the Chairman of MJ Shah Group, Mayank Shah.
CWC will be using the freshly secured funds to grow its dealer network, geographically expand and improve its collection technology and underwriting models.
In a statement issued by the company, Mayank Shah said, “The razor-sharp focus on cost reduction to achieve scalability in this business was one of the primary reasons for our investment in Credit Wise Capital.”
Co-founder Hirak Joshi said, “Many lenders progressed fast thinking that tech would handle risk on its own. They forgot that technology is as good as the hands that are put into use. Tech is an enabler and not a panacea for all the ailments. Technology cannot convert a delinquent customer into a good one.”