International Finance Corporation, which is the private sector investment arm of the World Bank, will now be going to invest around $8 Million in the Mintifi Pvt Ltd, which is an online lending platform.
With this investment, Mintifi can provide with an uncollateralized small sized working capital credit to micro, medium and small enterprises. It will also help the company to improve its capacity and raising funding for the on-balance sheet lending, the report revealed.
Mintifi provides the financing solutions to the MSME that also acts as distributors or dealers for the small and mid-sized companies in India. It also shows the financial service providers to effectively on-lend to these segment with its platform.
The key products which are provided by the company include the small short term loans, working capital, bill discounting and overdraft facility.
The client base of the Mintifi includes the hospitality, travel, services, education, and supplies segment among others.
The startup was founded by Anup Agarwal and Ankit Mehta in 2017.