Digital Consumer Lending Platform RevFin raises $4 million led by Let's Venture Angel Fund & Others
RevFin, a digital consumer lending platform founded by Sameer Aggarwal in 2018 raised $4 million (about INR 30 crore) in both equity and debt. Let's Venture Angel Fund, Anuraag and Ruchirans Jaipuria, Rishi Kajaria and Rahul Seth, Amit Goel (Knam Marketing), and Ranjit Yadav all participated in the round, which was led by Dheeraj Jain (Redcliffe Life Solutions) (CarDekho).
The startup provides financing of commercial electric vehicle (3W) loans in Tier 3 and Tier 4 cities, recognising that EVs are in high demand.
The cash will be used by the firm to accelerate the adoption of electric vehicles among low-income users in the country. RevFin also plans to extend its activities by increasing loan disbursements from INR 3 crores per month to INR 15 crores per month.
According to the founder, the majority of the audience comes from Tier 3 and Tier 4 towns, and 85 percent of them had never taken out a loan before. As a result, these consumers have very little credit history or a CIBIL score. They do, however, have bank accounts, even if they are dormant or inactive.
RevFin claims to rely on a psychometric and biometric assessment rather than numbers. Through honesty, intention, and a biometric test, the firm seeks to provide financial inclusion to the underserved.
With substantial operations in Uttar Pradesh, Bihar, Haryana, Punjab, Rajasthan, Delhi, Jharkhand, Madhya Pradesh, and West Bengal, RevFin serves the EV customer segment across India. The digital lending company located in Delhi NCR also plans to fund over 80,000 electric vehicles in the next three years, owing to the rising use of EVs in ecommerce delivery fleets.
In India's fintech market, digital lending is one of the fastest-growing segments. According to a BCG estimate, the digital lending market will reach $1 trillion in the next five years.
Paytm and MobiKwik, for example, are striving to transform into digital credit cards for all customers. These firms also benefit from having access to a user's transaction history and monthly payments, which aids in the underwriting of customers without a credit history.
For the early wave of commercial EV customers in Tier 3 and beyond, RevFin claims to be the only provider in the category.
The startup provides financing of commercial electric vehicle (3W) loans in Tier 3 and Tier 4 cities, recognising that EVs are in high demand.
The cash will be used by the firm to accelerate the adoption of electric vehicles among low-income users in the country. RevFin also plans to extend its activities by increasing loan disbursements from INR 3 crores per month to INR 15 crores per month.
According to the founder, the majority of the audience comes from Tier 3 and Tier 4 towns, and 85 percent of them had never taken out a loan before. As a result, these consumers have very little credit history or a CIBIL score. They do, however, have bank accounts, even if they are dormant or inactive.
RevFin claims to rely on a psychometric and biometric assessment rather than numbers. Through honesty, intention, and a biometric test, the firm seeks to provide financial inclusion to the underserved.
With substantial operations in Uttar Pradesh, Bihar, Haryana, Punjab, Rajasthan, Delhi, Jharkhand, Madhya Pradesh, and West Bengal, RevFin serves the EV customer segment across India. The digital lending company located in Delhi NCR also plans to fund over 80,000 electric vehicles in the next three years, owing to the rising use of EVs in ecommerce delivery fleets.
In India's fintech market, digital lending is one of the fastest-growing segments. According to a BCG estimate, the digital lending market will reach $1 trillion in the next five years.
Paytm and MobiKwik, for example, are striving to transform into digital credit cards for all customers. These firms also benefit from having access to a user's transaction history and monthly payments, which aids in the underwriting of customers without a credit history.
For the early wave of commercial EV customers in Tier 3 and beyond, RevFin claims to be the only provider in the category.
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