Broke? You Can Borrow Money From These Online Lenders – Broke? You can borrow money from these online lenders
Broke? You can borrow money from these online lenders
A new generation of online lenders must prove that their businesses are more than a flash-in-the-pan online.
Here are the key players who want to make it big
Adhil Shetty, Bank Bazaar
Focus: Online financial services platform.
Progress: 9 million visitors to the platform in March 2016, 75 financial service providers referenced.
Projects: Reach 50 million visitors in two years, expand to all of Asia.
“We want to build a completely paperless lending platform and revolutionize the way consumer loans are granted,” Shetty said.
Harshvardhan Lunia, Lendingkart
Created: April 2014
Focus: Online loan granting platform
Progress: nearly 225 crores in loans in 135 cities, covering 3,000 SMEs
Plans: Reach 350 cities in next 12 months, reach banking spectrum covered by banks and NBFCs.
“Many ways to assess the creditworthiness of potential customers are not used by mainstream financial services firms,” Lunia added.
Sashank Rishyasringa, Gaurav Hinduja, Capital Float
Created: November 2013
Focus: Online lending platform for SMEs.
Progress: disbursed Rs 500,000,000 in two years.
Plans: Rs 2,000 crore for this financial year, with 20,000 customers.
“We seek to revolutionize an unmet need partially met by high cost money lenders and voucher funds,” said Gaurav Hinduja.
Aadit Devanand, Varun Agarwal, Abhinandan Balasubramanian, Altflo
Created: December 2015
Focus: Marketplace for alternative asset and investment management
Progress: Signed with four of the world’s largest VCs covering data from their 200 portfolio companies
Plans: Wants to expand a wider set of financial institutions ranging from banks to angel investors.
“In the next two or three years, we want our platform to be used by the entire financial services ecosystem,” the trio added.
Manish Kumar, Puneet Agarwal, Anurag Jain, KredX
Created: June 2015
Focus: Invoice discounting platform
Progress: discounts on more than 1,000 invoices
Plans: expects to maintain 30% month-over-month growth.
“We are focused on building a sustainable online platform and we are not looking for unrealistic growth rates of over 100%,” they added.