Micro SME focused fintech startup 4Fin has announced that it has raised strategic seed funding of $1M. The Pune headquartered startup had earlier raised $1.1M in its pre-seed round. The company announced that the funds raised would be primarily used for disbursing loans through its lending arm, for which the entity has recently got an NBFC registration* from RBI.
Over the last few quarters, 4Fin’s tech arm has developed lending software platforms. They have managed to tap in various leading Banks and NBFCs for their tech-stacks. The lending solutions being offered include loan origination system (LOS), loan management system (LMS), debt services management, AI-based algorithms for credit assessment, and e-stack for end-to-end automated processing.
For its lending business, the company intends to extend loans to MSMEs. The company believes it is suitably poised to ride the pent-up demand wave with its personalized offerings in this space. Nearly 80% of the total MSMEs in India lack formal access to loans. The NBFC licence will allow the company to bridge the credit gap by offering loans with minimal documentation.
To provide strategic focus to its journey, 4Fin recently announced the creation of an Advisory Board. It includes names of industry veterans like Bharat Sharma, Hemant Jain & Nitish Nagori. While Bharat has served as a Senior Banker with 25 years of experience in asset as well as liability functions, Hemant comes in with 20+ years of industry experience in technology space, both in India and abroad. Nitish has 25+ years of banking experience in Retail Asset & Lending Verticals across major Banks.
About 4Fin
Headquartered in Pune, the company was founded in 2021 by Amit Tewary, Ajit Sinha, Ashwin Agarwal and Abhilash Rathore.
*Disclaimer as per RBI guidelines: -
a) “Reserve Bank of India neither accepts any responsibility nor guarantees the present position as to the financial soundness of the company or for the correctness of any of the statements or representations made or opinions expressed by the company and for discharge of any liability by the company."
b) "Neither there is any provision in law to keep, nor does the company keep any part of the deposits with the Reserve Bank of India and by issuing a Certificate of Registration to the company, the Reserve Bank of India, neither accepts any responsibility nor guarantees the payment of deposits to any depositor or any person who has lent any sum to the company.”
Source : Businesswire India
Comments