RevFin, a Delhi-based digital lending platform has raised an undisclosed amount of funding in a seed round from a group of angel investors including Harash Jain, Anik K Goyal, Anil Lamba and Krishnan B Singh. RevFin will use the freshly raised funds to launch its services to cover the Indian fintech market. The startup plans to utilize the capital to improve its technology and enhance its distribution infrastructure.
“Our vision is to create a lending platform that is agnostic of language, literacy, geography, and culture and through this seed funding round, we are looking forward to launching our services all over India. People residing in tier 2 and tier 3 are our core target group who want to fulfil their needs and dreams,” said Sameer Aggarwal, Founder & CEO, RevFin.
Harash Jain was the lead investor. Founded by former HSBC employee Sameer Aggarwal this year, the startup provides loans and credit to under-served individuals of the society. RevFin owns a proprietary lending platform that underwrites and disburse loans digitally through Android and iOS applications.
“Financial inclusion is a major area where innovation has been lacking. This requires all the more attention in India, where there is no full-proof social security mechanism. When we looked at RevFin, as a business model and also a solution to an ever-burgeoning problem, we became invested in the idea from day one. I am sure the company will emerge as a profitable business venture for us considering India is a large market and has a huge untapped potential for financial inclusion for masses,” said Harash Jain, CEO of Litejoy International Pvt Ltd.
RevFin plans to launch two types of products – emergency loan and personal loan. It is looking to touch INR 500 crores in total disbursed amounts within the next 5 years using aggressive expansion to Indian fintech market. RevFin has the vision to expand its operations globally, the company said in a statement.
According to NASSCOM, the Indian FinTech market is expected to grow at a CAGR of 22% in the next five years. The transaction value for the Indian FinTech sector is expected to reach $73 billion by 2020, as per the KPMG reports quoted by YourStory. There are more than 30 P2P lending startups in India as per current records.
The financial technology (FinTech) ecosystem in India has been arguably the hottest one. An explosion of smartphone users and state-of-the-art digital infrastructure are fueling the rapid growth of FinTech in India. The Indian FinTech sector has embarked upon its digital journey and is catching up fast with its global peers in terms of adoption.