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IndyFint raises $2.1 million in Series A funding round

The former chief architect of Finacle, Paddy Padmanabhan, and Rajiv Kuchhal, a Bengaluru-based serial entrepreneur also participated in the round.

, ET Bureau|
Updated: Dec 05, 2019, 09.42 AM IST
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The startup has been carved out of Obopay, which is a PPI (prepaid payments instrument) licence holder from the Reserve Bank of India.
Bengaluru: Bengaluru-based early-stage startup indyFint has raised $2.1 million from Saravanan Adiseshan, cofounder of the Allsec Group of Companies, for its Series A funding round.

The former chief architect of Finacle, Paddy Padmanabhan, and Rajiv Kuchhal, a Bengaluru-based serial entrepreneur also participated in the round.

The startup has been carved out of Obopay, which is a PPI (prepaid payments instrument) licence holder from the Reserve Bank of India.

The new subsidiary will be a loan sourcing platform for micro loans in partnership with major banks.

The company is expected to use technology to evaluate loan applicants based on their digital transaction history and payment trends. It is acquiring retailers who are part of multiple supply chains and evaluating them on their transaction history.

The company is creating a lending algorithm to create a credit scoring mechanism for small entrepreneurs.

“We are looking to raise another $10-$15 million in the next four to five months, hoping to complete and finalise the deal soon,” said Paddy Padmanabhan, chairman, indyFint. “We are building a world class technology platform that would play a significant role in providing timely credit…expect to serve over a million users in the coming 12-18 months.”

Since the company is already working with a clutch of FMCG players, the cost of acquiring customers will be cheaper, he said.

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