MoneyOnClick, which is a lending startup has now secured $2.5 Million in the seed funding round from the Orios Venture partners, 3one4 capital, Kalaari Capital. The funds will be going to be used to strengthen its technology and for hiring new team members.
MoneyOnCLick founded in 2018 by Vishal Chopra, and Himanshu Gupta offers a lending platform to the users who fall outside the margins of the formal banking system due to their lack of credit history or low credit ratings. It has an aim to provide the unsecured loans to these customers who are residing in Tier II & III while keeping few interest rates.
“These funds would enable us to hire leadership and operations teams,” said Vishal Chopra, co-founder at MoneyOnClick. The fund will also be deployed in strengthening its core technology with a machine-learning based credit underwriting and risk assessment platform.
“This fintech business is addressing a large and known gap in the lending space in India that goes beyond Tier 1 cities. Indian retail lending is expected to touch $1.3 trillion by 2025 and unsecured personal loans are expected to be around $200 billion. MoneyOnClick, no doubt, will disrupt this space with their unique go-to-market strategy and use of technology” said Anup Jain, Managing Partner at Orios Venture Partners.
Picture Credits: Inc42
