KountMoney is making it easier for borrowers to obtain loans

The Bengaluru-based start-up announced an undisclosed amount of seed funding from TracxnSyndicate and angel investors, reports Tech in Asia

In India, the banking system excludes large numbers of people from loans because eligibility criteria are archaic. Fintech is out to disrupt this by widening the circle of eligible borrowers through data analytics and algorithms for better risk-profiling. A new credit rating system can also reduce the costs of borrowing for creditworthy people.

The latest to tackle this widespread problem is Bengaluru-based KountMoney. Today, it announced an undisclosed amount of seed funding from TracxnSyndicate and angel investors.
 

The online lending marketplace promises to make it easier and faster to get personal loans. Lending institutions can also use the data science capabilities of KountMoney for better risk analyses of borrowers and reduction in costs.
 

 

India’s loan market is growing at 20% and expected to cross $300 billion next year; 20% of that is the unsecured loan segment that KountMoney is targeting. “Currently, the unsecured loan market is unorganised and credit underwriting of banks and financial institutions is not up to the mark,” says Abhishek Periwal, co-founder of KountMoney.
 

Loan applicants are required to fill in their personal, professional, financial, and residential information on the website. The KountMoney team then verifies the details and uses its algorithms to do an analysis of their ability to repay a loan.

The company was founded last month and claims to have processed 150 loan applications already.

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This is an excerpt from Tech in Asia. You can read the full article here.