The Ranjan Pai-led MEMG family office, which has invested in a number of edtech and health tech startups, is putting Rs 40 crore into fintech company Finnable in exchange for a large minority stake.

Finnable is a fast-growing financial technology (Fintech) start-up that assists workers in obtaining loans with minimal hassle. Their goal is to make personal loans accessible to all salaried professionals in under a minute.

Finnable, a three-year-old startup, has developed a digital lending platform that accepts loans in real-time for consumers who are unable to approach banks for a fast loan. Banks have been unable to “crack the code” for this section due to a lack of previous credit history.

Bengaluru-based Former retail bankers Nitin Gupta, Amit Arora, and Viraj Tyagi formed Finnable. Nitin and Viraj sold their previous startup NettPositive, a fintech that built credit scoring models for banks all over the world, to a US MNC called Equifax. Finnable uses deep analytics and a machine learning algorithm that has been refined over time to predict the best credit score for each customer.

"Finnable has passed the Covid test with a top-quality portfolio performance which proves it’s a perfect combination to build a sustainable fintech franchise even in toughest times,” Ranjan Pai said in a statement.

Finnable cofounder and chief executive Nitin Gupta said “Retail lending is set to grow manifolds in the country driven by growing aspirations of the millennial generation. Finnable provides loans for customer’s real needs like - marriage, medical, retail, house renovation and education expenses, enabling millions of India’s youth to live their dreams.”